Bloomberg News

Ghana’s Cedi Weakens for Fifth Day to Record Low on Imports

November 30, 2011

Nov. 29 (Bloomberg) -- Ghana’s cedi weakened for a fifth day, reaching a record low against the dollar, as importers bought dollars to bring in goods for sale at Christmas.

The currency of the world’s second-biggest cocoa producer depreciated 0.4 percent to 1.6515 per dollar as of 11:46 a.m. in Accra, the capital, according to data compiled by Bloomberg. A close at this level would be the lowest since May 31 1994, when Bloomberg began compiling the data.

“Demand for dollars is outstripping supply,” Jacob Brobbey, a currency trader at the Ghanaian unit of Barclays Plc, said in a telephone interview today. “I expect the pressure to continue for some time as we draw closer to the year-end festivities.”

--Editors: Peter Branton, Linda Shen

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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