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Ghana Currency Strengthens as Companies Increase Dollar Sales

Dec. 30 (Bloomberg) -- Ghana’s currency, the cedi, strengthened against the dollar as foreign companies increased sales of the U.S. currency, said Kwabena Owusu, a trader with Access Bank Plc.

The cedi traded at 1.4895 as of 12:09 p.m. in the capital, Accra, from 1.4905 at 9 a.m., according to data from the lender.

“The market has been quite liquid with dollars,” Owusu said by phone today from Accra. The cedi may strengthen to 1.47 by mid-January after weakening earlier in December, he said.

Ghana’s central bank, which often sells dollars to large banks on Wednesdays at rates below the interbank exchange level, has not yet done so this week, Owusu said.

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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