Ghana’s cedi weakened to the lowest in at least 19 years against the dollar as importers demanded U.S. currency to import raw material and goods for resale in West Africa’s second-biggest economy.
The currency of the world’s second-biggest cocoa producer depreciated 0.4 percent to 1.9175 per dollar as of 1:30 p.m. in Accra, the lowest since June 1993 when Bloomberg began compiling the data.
“Demand for dollars is high on the market, today we saw demand from telecommunication companies, manufacturing companies as well as the general commerce industry,” Jacob Brobbey, a currency trader at the local unit of Barclays Bank Plc, said by phone. “The supply side is weak.”
Ghana’s currency has dropped 14.5 percent this year, making it the second-worst in Africa after Malawi’s kwacha and pushing up prices in the import-dependent country. Inflation accelerated to the highest in 14 months at 9.1 percent in April.
To contact reporter on this story: Moses Dzawu in Accra at +233-302-258-797 or email@example.com.