Ghana’s Cedi Strengthens After Bank Sells Dollars

Ghana’s currency, the cedi, strengthened for the first time in five days after the Bank of Ghana sold dollars to commercial lenders, according to the local unit of Barclays Plc.

The cedi appreciated 0.2 percent to 1.4488 against the U.S. dollar as of 5 p.m. in the capital, Accra, today.

The central bank sold dollars at a rate of 1.4371, said Jacob Brobbey, a currency trader at Barclays Bank of Ghana Ltd.

Francis Andoh, head of treasury at the Bank of Ghana, said the bank sold $15 million in dollars today in an effort to provide “some level of liquidity.”

To contact the reporter on this story: Jason McLure in Accra on jmclure@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin asguazzin@bloomberg.net.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.