The Ghanaian cedi, the currency of Africa’s newest oil exporter, may strengthen by the end of the week as investors send cash into the country to buy shares in an offer by Tullow Oil Plc (TLW), said Access Bank Plc’s Ghanaian unit.
The cedi will move to 1.5170 per dollar, from 1.5175 by 2:30 p.m. today in Accra, the capital, Kwabena Owusu, a currency trader at Access Bank Ghana Ltd., said by phone.
“We expect dollar in-flows from off-shore investors that want to participate in the offer to strengthen the Ghanaian currency,” he said.
U.K.-based explorer Tullow Oil, which operates Ghana’s offshore Jubilee oil field that began pumping crude last year, started an offer of 4 million shares on the Ghana Stock Exchange at 31 cedis ($20.45) each, the company said today.
The offer will end July 4, Tullow said last month.
By Moses Mozart Dzawu
To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net
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