Gabby Asare Otchere-Darko punches again on the doomsayers and a section of Ghanaians who have been constantly predicting negative under this government on the cedi and the economy for political gains
In a short piece sited by aobrempongnana.wordpress.com, alleged to be written by Gabby, it talks about the recent Eurobond and the current improvement on the strength of the cedi
The Cedi had been struggling, inspiring a sweet reggae song as it slid into Minority bliss; with the central bank helpless as the bars under the IMF clock tick-tock to an end before April.
Many were those who even doubted the success of Ghana’s 2019 Eurobond outing this week. But, the managers of the economy went on a roadshow and investors saw the full picture of the Ghanaian economy and were far from perturbed; they rushed for the $3bn on offer, throwing over $21 billion at us!
Sorry, we could only catch 3! Never in the history of sovereign bonds had an African country seen its bond over subscribed 6 or 7 times.
Not even negative reports on Ghana shook the renewed confidence.
We also got it at the lowest rate ever for Ghana: 7.87% for a 7yr bond.
Now, let’s hope that the Cedi’s recovery we are seeing now will also set a new record because there is no legitimate underlining weakness supporting that speculative free fall since February.
Note that the cedi recovery started before Tuesday’s bond issue. Please also note that unlike previous falls, this time the BoG COULD NOT come to the rescue.