Banks struggle to mobilise savings, as microfinance institutions take deep biteposted Yesterday at 06:26
ECOWAS ministers of social development hold forum in Accra posted Yesterday at 11:30
BPA optimistic about end to Ghana's energy challengesposted Yesterday at 07:57
Savings promo gives Access Bank 10,000 new clients posted Yesterday at 12:29
Awuni withdraws suit against Fortiz, SSNIT and BoG posted Yesterday at 15:17
Ghana, making the best of AGOA posted Yesterday at 12:36
Tropo Farms delivers healthy tilapia posted Yesterday at 12:31
Aziz Bamba, Worlanyo join GCB board posted Yesterday at 12:30
No hamper directive hurting basket weaversposted Yesterday at 12:37
Osu Oxford mall closed down by AMAposted Yesterday at 08:01
3-year bond to boost the cedi’s performance against dollar backposted on Wed, 29 May at 11:58
The bond which is the third in a series since January is to roll over maturing papers as well as support government’s budget.
Financial players believe the cedi could take a breather ahead of bond auction tomorrow which is open to offshore investors.
The cedi has fallen by over 2 percent against the dollar so far this year.
Sammy Ampah of Gold Coast Securities told Citi Business News, the 3 year bond issue will boost the cedi’s performance against dollar.
He explained that “if you look at history, bond issuance directly has an effect on the local currency however, it happens that the demand for the dollar sometimes out stretch the supply. We are just hoping because this money we are trying to raise from the international market is quite huge. It certainly will cushion the economy very well.”
According to him, the “three-year bond has been sort of a cushion for the cedi am telling you, if it had not been the bonds that we have issued these past years, we may have had the cedi really depreciating against the dollar. The bonds have really helped the cedi value significantly.”
By: Vivian Kai Mensah/citifmonline.com/Ghana