Ghana Cedi Heads for Biggest Loss in 6 Weeks: Accra Mover

Ghana’s cedi headed for the biggest loss in almost six weeks as companies bought dollars to import goods for year-end sales.

The currency of the world’s second-biggest cocoa producer depreciated 0.5 percent to 1.8904 a dollar as of 2:18 p.m. in Accra, the capital, according to data compiled by Bloomberg. A close at this level would be the largest decline since Sept. 20.

The retreat was “largely due to local corporate demand for dollars,” Jacob Brobbey, a currency trader at the Ghanaian unit of Barclays Plc, said by phone today. “There is a bit of a surge in imports as companies have begun to pile stock for the upcoming festive sales.”

The cedi appreciated for a third month in October gaining 0.3 percent after a 1.9 percent increase in September and a rise of 1.1 percent in August.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

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

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