Bloomberg News

Ghana’s Cedi Strengthens as Mining Companies Sell Dollars

June 22, 2011

June 22 (Bloomberg) -- Ghana’s cedi strengthened against the dollar as mining companies bought the local currency to finance their operations, Barclays Bank Plc said.

The currency of the world’s second biggest cocoa producer appreciated as much as 0.4 percent to 1.5127 before trading 0.2 percent stronger at 1.5155 by 2:38 p.m. in the capital, Accra, according to Bloomberg data. The cedi has gained 2 percent against the dollar this year.

“There was adequate supply on the market today from mining firms,” Kobla Nyaletey, a currency trader at the local unit of Barclays, said in a telephone interview today. “Demand was not very strong.”

--Editors: Ana Monteiro, Linda Shen

To contact reporter on this story: Moses Dzawu in Accra at mdzawu@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


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