Bloomberg News

Ghana Cedi Heads for Biggest Gain in 2 Weeks; Bank Sells Dollars

October 06, 2011

Oct. 6 (Bloomberg) -- Ghana’s cedi headed for the biggest gain in more than two weeks as the west African country’s central bank sold the U.S. currency and demand for dollars by importers eased.

The currency of the world’s second-largest cocoa producer appreciated as much as 0.9 percent to 1.6035 per dollar before trading 0.2 percent up at 1.615 per dollar as of 2:34 p.m. in Accra, the capital. A close at this level would be the cedi’s biggest increase since Sept. 19. The cedi reached 1.621 on Oct. 4, the weakest level since at least 1994, when Bloomberg started compiling the data.

“The central bank sold dollars on Oct. 4 and yesterday, so we are no longer seeing the rush for dollars as in the days before,” Jacob Brobbey, a currency trader at the local unit of Barclays Bank Plc, said in a telephone interview today.

The Bank of Ghana monitors the currency market daily and provides addition supply when necessary, Collins Antwi, assistant director at the central bank’s treasury department, said in a telephone interview. He declined to say whether the regulator had sold dollars today.

--Editors: Hilton Shone, Ana Monteiro

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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