Bloomberg News

Ghana Cedi Weakens for Second Day as Investors Bought Dollars

October 10, 2011

Oct. 10 (Bloomberg) -- Ghana’s cedi weakened for a second day as overseas-based investors bought dollars to repatriate earnings from bonds.

The currency of the world’s second-biggest cocoa producer depreciated as much as 0.4 percent to 1.6233 per dollar before trading 0.3 percent down at 1.6220 per dollar as of 1:17 p.m. in Accra, the capital, according to data compiled by Bloomberg.

“There was dollar buying by offshore investors today,” Jacob Brobbey, a currency trader at the local unit of Barclays Bank Plc, said in a telephone interview. “Some offshore investors have received coupon payments over the past week.”

--Editors: Ana Monteiro, Gavin Serkin

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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