General News of 2014-07-30

Ghana’s cedi is world’s weakest currency

Ghana’s cedi, the world’s worst-performing currency this year, weakened for the first time in five days against the dollar as the government said it’s not considering an International Monetary Fund loan.

The currency retreated 6 percent to 3.66 per dollar by 7:38 am in Accra, the capital, extending its 2014 drop to 35 percent.

Yields on Eurobonds due August 2023 rose two basis points, or 0.02 percentage point, to 8.23 percent.

“We are not considering an IMF loan at this time,” Deputy Finance Minister Mona Quartey said by phone yesterday.

Plans to sell the country’s third Eurobond are “part of a home-grown strategy to stabilize the cedi,” she said.

Source: Bloomberg
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