Ghana’s Cedi Weakens to 6-Month Low on Oil Imports: Accra MoverMoses Mozart Dzawu
Ghana’s cedi weakened to the lowest in more than six months as oil importers demanded dollars in West Africa’s second-biggest economy.
The currency of the world’s No. 2 cocoa producer depreciated 0.4 percent to 1.9325 per dollar by 3 p.m. in Accra, the capital, the lowest since Sept. 4 on a closing basis and a third day of declines, according to data compiled by Bloomberg.
“The oil sector was the main driver,” Sadiq Abubakar, a currency trader at International Commercial Bank in Accra, said by phone. Bulk oil importers who bring in the product to sell to marketing companies “bought the dollars to settle their bills,” he said.
Bulk distribution companies have boosted imports since a shutdown in August of the Tema Oil Refinery Ltd., Ghana’s lone crude processor, said Steven Larbi, public relations and consumer-service manager with the National Petroleum Authority, the state agency that regulates the gasoline industry.
The state-owned refinery is carrying out test runs after it stopped production because of machinery problems and to carry out rehabilitation works, Managing Director Ato Ampiah said on March 11.