Bloomberg News

Ghana’s Cedi Weakens for Second Day as Companies Bought Dollars

November 02, 2011

Nov. 2 (Bloomberg) -- Ghana’s cedi weakened for a second- day against the dollar as companies in the manufacturing and services industries bought the U.S. currency.

The currency of the world’s second-biggest cocoa producer depreciated as much as 0.6 percent to 1.6076 per dollar and traded 0.1 percent lower at 1.5991 per dollar as of 2:52 p.m. in Accra, the capital, according to data compiled by Bloomberg.

“Demand for dollars is slightly ahead of supply,” Kobla Nyaletey, a currency trader at the local unit of Barclays Bank Plc said in a telephone interview today. Manufacturing and services industries were buying dollars, Nyaletey said.

A telephone call today to the treasury department of Accra- based Bank of Ghana wasn’t answered. Adams Nyinaku, head of the treasury, could not be reached on his mobile phone.

--Editors: Stephen Kirkland, Ash Kumar

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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