Ghana’s cedi retreated for a third straight week to the lowest on record as traders bought dollars to bring in goods for resale and telecommunication companies sought the U.S. currency to import equipment.
The currency of the world’s second-biggest cocoa producer depreciated 0.3 percent in the day and the week to 1.9325 per dollar as of 2:38 p.m. in Accra, the capital, the weakest level since June 1993 when Bloomberg began compiling the data. The cedi has declined 16 percent this year, the second-worst performing African currency.
“Dollar demand was high this week, led by general merchants,” Richard Buabeng, a currency trader at CAL Bank Ltd. (CAL), an Accra-based lender, said by phone today. “Demand from telecommunication companies was also very strong.”
Miners and international oil companies may sell dollars next week, helping the currency to gain, Buabeng said.
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