Bloomberg News

Ghana’s Cedi Weakens for Third Day, Extends October Decline

October 31, 2011

Oct. 31 (Bloomberg) --Ghana’s cedi weakened for the third day, extending this month’s decline, as offshore banks bought dollars.

The currency of the world’s second biggest cocoa producer depreciated less than 0.1 percent to 1.5980 per dollar at 1:35 p.m. in Accra, the capital, according to data compiled by Bloomberg. The cedi fell a total 0.1 percent this month, a third month of declines according to the data.

The “main buyers on the market are offshore banks,” Kobla Nyaletey, a currency trader at the local unit of Barclays Plc said in an answer to e-mailed questions. He declined to comment why the offshore banks sought the U.S. currency. “Though foreign-exchange demand from the market will remain firm to year-end, the central bank continues to give strong indications of its willingness to defend the local unit.”

--Editors: Stephen Kirkland, Peter Branton

To contact reporter on this story: Moses Mozart Dzawu in Accra at

To contact the editor responsible for this story: Antony Sguazzin at

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