[ 2012-09-21 ]

Cedi Dips On Corporate Dollar Demand
Ghana's cedi declined against the dollar for a
third time in a row on Wednesday on revived
greenback demand by local firms for their imports
amid insufficient supply, traders said.

The cedi traded at 1.9070/95 at 1425 GMT, down
0.45 percent from the day's open.

Barclays Bank Ghana trader Jacob Brobbey said
there was the likelihood of the local unit
slipping further, unless supply improved from
traditional sources such as central bank and the
mining sector.

'The 1.9100 resistance is very likely to cave in
this week if the mines continue to stay off,'
Brobbey told Reuters.

The cedi rebounded in late July after plunging
nearly 20 percent versus the dollar in the first
half of the year, mainly due to dollar-craving by
local firms importing goods to fuel the growing
economy.

“The GHS has lost some of its recent gains this
week mainly on (dollar) supply dearth and improved
demand,' another trader, Christopher Nettey of
Stanbic Ghana, said.

Source - Reuters

... go Back