Ghana’s Cedi Heads for Longest Losing Streak in Three Months
Ghana’s cedi headed for its longest losing streak against the dollar in more than three months as manufacturers and telecommunications companies bought dollars.
The currency of the world’s second-biggest cocoa producer depreciated 0.1 percent to 1.7088 per dollar as of 1:37 p.m. in Accra, the capital, a fourth day of declines, the worst run since Nov. 29, according to data compiled by Bloomberg.
“Manufacturing and telecommunications companies sought the dollar today to import raw material and equipment,” Kobla Nyaletey, a currency trader at the Ghanaian unit of Barclays Bank Plc, said by phone today. “There were no major sellers on the market today.”
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