Bloomberg News

Ghana’s Cedi Rebounds From Record Low; Central Bank Sold Dollars

October 11, 2011

Oct. 11 (Bloomberg) -- Ghana’s cedi rebounded from the weakest on record and headed for the biggest gain in more than five months as the central bank sold dollars.

The currency of the world’s second-biggest cocoa producer appreciated 0.8 percent to 1.6150 per dollar as of 2:47 p.m. in Accra, the capital, reversing a decline to 1.6325, the weakest since at least March 1994, according to data compiled by Bloomberg. A close at this level will be the cedi’s biggest gain since April 28.

“The central bank was in the market selling some U.S. dollars today,” Lourens Harmse, a Johannesburg-based currency trader at Absa Capital Ltd.. wrote in an e-mailed comment. “The volume could not have been more than the usual amounts.”

The Bank of Ghana sold more than $100 million today to meet requests from oil companies and lenders’ clients, Adams Nyinaku, head of treasury at the Accra-based bank, said in a telephone interview.

--Editors: Ana Monteiro, Peter Branton

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.


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus