Bloomberg News

Ghana’s Cedi Drops to One-Week Low as Importers Bought Dollars

November 01, 2011

Nov. 1 (Bloomberg) -- Ghana’s cedi declined to the lowest level in more than a week against the dollar as traders bought the U.S. currency to bring in goods for resale in the West Africa’s biggest economy after Nigeria.

The currency of the world’s second-biggest cocoa producer depreciated as much as 0.4 percent to 1.6025 per dollar before trading 0.1 percent weaker at 1.5980 per dollar as of 4:07 p.m. in Accra, the capital, according to data compiled by Bloomberg. A close at this level will be the cedi’s weakest since Oct. 20.

“Some importers had previous demand for dollars executed today,” Chris Nettey, a currency trader at the local unit of Standard Bank Group Ltd., said in a telephone interview. “The market was expecting the central bank to sell dollars today, but it did not happen.”

--Editors: Stephen Kirkland, 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.


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus