Bloomberg News

Ghana Cedi Weakens Most in Month as Cement Makers Buy Dollars

July 13, 2011

July 13 (Bloomberg) -- Ghana’s cedi weakened the most in a month as cement companies bought dollars for imports of raw materials.

The currency of the world’s second-biggest cocoa producer depreciated as much as 0.7 percent to 1.5265 per dollar, the lowest since June 14, according to data compiled by Bloomberg. It traded at 1.5165 by 1 p.m. in Accra, the capital.

“Cement companies were on the market today buying the dollar to pay their raw material suppliers abroad,” Kwabena Owusu, a currency trader at the local unit of Access Bank Plc, said in a telephone interview. Those companies accounted for a majority of dollar purchases, he said.

--Editors: Emily Bowers, Shaji Mathew.

To contact reporter on this story: Ekow Dontoh on Accra at edontoh@bloomberg.net; Moses Mozart 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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