Bloomberg News

Ghana Cedi Weakens 7th Day as Bond Investors Repatriate Earnings

November 28, 2012

Ghana’s cedi weakened for a seventh day, the longest losing streak in more than eight months, as bond investors bought dollars to transfer coupon payments.

The currency of the world’s second-biggest cocoa producer depreciated 0.3 percent to 1.9075 a dollar as of 1:21 p.m. in Accra, the capital. A close at this level will be the lowest since Sept. 24, according to data compiled by Bloomberg.

“We are seeing depreciation today on some bond coupon payments that offshore guys are trying to repatriate,” Chris Nettey, a currency trader at the local unit of Standard Bank Ltd., said by phone today. “Dollar sales were just adequate to meet the normal daily demand that we get on the market.”

The cedi has depreciated 14 percent against the dollar this year, the third-worst performing African currency, according to data compiled by Bloomberg.

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net.


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