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Africa Financial Market Report Cedi expected to be firm

In addition, the report noted that the cedi is trade steadily against the dollar on residual forex from investors who took part in the five-year domestic bond sale a week ago.

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Cedi expected to be firm, according to the Africa Financial Market Report. play

Cedi expected to be firm, according to the Africa Financial Market Report.

The Ghanaian cedi is expected to remain firm, supported by inflows from offshore investors who bought government debt last week, according to the Africa Financial Market Report.

In addition, the report noted that the cedi is to trade steady against the dollar next week on residual forex from investors who took part in the five-year domestic bond sale a week ago.

The domestic bond was oversubscribed by GHC316 million and at a slightly depressed interest rate in relation to its last domestic bond issue in March.

The government took a total of 811.04 million at a rate of 24.5% representing a 0.70% decrease on March’s 24.75%.

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Total bids tendered was GHC816.04 million, a boost in government’s aim to raise a total of 16.83 billion cedis in short and medium-term domestic securities in the third quarter of 2016 through what, Finance Minister, Seth Terkper calls a book building process.

For Thursday’s issue, international investors accounted for 61 percent of total patrons, arranged by book-builders comprising Barclays Bank Ghana, Stanbic Ghana and Strategic African Securities.

14.91 billion cedis of the total bond targets the third quarter of 2016 would be used to retire maturing debt and finance the budget.

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