Cedi Gains Most in 4 Months as Miners Sell Dollars: Accra MoverMoses Mozart Dzawu
Ghana’s cedi gained the most in more than four months as mining companies and the central bank sold dollars.
The currency of Africa second-biggest gold producer appreciated 1.1 percent to 1.8915 a dollar, the biggest increase since Sept. 21, according to data compiled by Bloomberg. It traded 0.7 percent higher by 4:51 p.m. in Accra, the capital.
“Mining companies that needed some cedis to finance their activities in the country offered dollars on the market today,” Sadiq Abubakar, a currency trader at International Commercial Bank Ltd. in Accra, said by phone. “The central bank too sold some dollars to banks.”
Adams Nyinaku, head of treasury at the Bank of Ghana, wasn’t available to comment, according to a woman who answered the phone at his office and declined to be identified.
Companies including Greenwood Village, Colorado based Newmont Mining Corp. and Johannesburg-based Gold Fields Ltd. and AngloGold Ashanti Ltd. operate mines in the West African nation.