Bloomberg News

Ghana Cedi Weakens for Fifth Day as Traders Bought Dollars

October 04, 2011

Oct. 4 (Bloomberg) -- The Ghanaian cedi, the currency of West Africa’s second-biggest economy, weakened for a fifth day to its lowest since at least 1994 as traders bought dollars to import goods for sale.

The currency depreciated as much as 1 percent to 1.6210 per dollar before paring the loss to 1.6125 by 3:17 p.m. in Accra, the capital, according to data compiled by Bloomberg.

“Demand for dollars from the commerce industry was what drove the market today,” Biggles Amponsah, a currency trader at the local unit of Access Bank Plc, said by phone. “The market is not liquid. One small transaction moves the exchange rate very very high.”

--Editors: Emily Bowers, Andrew J. Barden.

To contact reporter on this story: 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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