The Cedi & Shilling: Setting The Standard

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Top emerging markets currencies this week, are the Ghanaian Cedi and the Kenyan Shilling. Ghana’s cedi is officially the world’s best-performing currency against the dollar this year, extending its gains after the country sold sub-Saharan Africa’s longest ever Eurobond – 40 years – as part of a $3 billion deal that was five times oversubscribed | The 40-year bonds are priced at 8.9%, making it the highest-yielding sovereign bond so far this year as investors hunt for returns | GHS is now up close to 5% this year, a remarkable turnaround from last year when it weakened 13% against the dollar. The Kenyan shilling remains well supported ahead of a meeting in Washington between President Trump and President Kenyatta over a potential trade agreement. The two are expected to announce details of America’s first free-trade agreement with a sub-Saharan African nation. All emerging markets currencies were created equal. But some are more equal than others. Clearly!

See you next week! To discuss how the above may affect your money transfer requirements, please contact your Currency Dealer at Heritage Pay on +44 (0) 203 858 7274. None of the information in this article is, nor should be construed as financial advice. All foreign exchange transactions involve risk and you should always seek your own independent financial advice before entering into any foreign exchange transaction.

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