Skip to content
Subscriber Only

Ghana Is Fast Becoming Frontier Investors’ New Best Friend

  • Foreigners are piling into local debt as the cedi rebounds
  • Demand at Eurobond sale was almost five times amount on offer
Updated on

Midway through the last quarter of 2019, investors looking at Ghana saw a slowing economy, creeping inflation and a currency that had declined against the dollar for 25 straight years. Barely six weeks into the new year, the picture has changed.

The cedi is the best-performing currency in the world in 2020, investors fell over their feet to buy into the nation’s $3 billion Eurobond issue, and foreigners are piling into the country’s local-currency debt. Investors who worried last year about spending ahead of an election scheduled for December are now lauding the government for fiscal prudence and financial reforms.