Ghana Cedi Weakens as Mining Companies Slow Dollar Sales

Ghana’s currency, the cedi, weakened for the second day versus the dollar today as companies operating in the country’s mining industry sold fewer dollars.

The currency was trading at 1.4560 as of 1.50 p.m. in the capital, Accra, said Kwabena Owusu, a trader at Access Bank Plc. It traded yesterday at 1.4488, according to data compiled by Bloomberg.

Most mining companies who buy cedis to finance their local operations have “closed their books for the year, so there are no sellers on the market,” Owusu said in a phone interview today. Business activity slows around the Christmas holiday season in the West African nation.

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

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

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