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.