Business News of Monday, 3 February 2020Source: bloomberg.comGhana cedi ranked best performing currency in the world against the dollar - BloombergGhana cediGhana’s cedi, the world’s best-performing currency against the dollar this year, extended its advance on Monday as investors await a Eurobond sale that would bolster the government’s coffers. The currency of the world’s second-biggest cocoa producer has strengthened 3.9% in 2020, the most among more than 140 currencies tracked by Bloomberg, a turnaround from last year, when it weakened 13%. The coronavirus outbreak and the recent lunar new year holiday in China has cut back travel and trade, reducing demand for foreign currency from Ghanaian importers, according to Nana Yaa Faakye, Head of Treasury at Republic Bank Ghana Ltd. “With the impending Eurobond issuance, which is likely to increase foreign reserves, some buyers are betting that the cedi will strengthen further,” Faakye said. The central bank’s tight monetary stance is also supporting the currency, said Steve Opata, head of financial markets at the Bank of Ghana.

Source: GhanaWeb February 03, 2020 14:37 UTC