Ghana Cedi Weakens Most in a Month as Cement Manufacturers Buy Dollars

By Ekow Dontoh and Moses Mozart Dzawu

Ghana’s cedi weakened the most in a month as cement companies bought dollars for imports of raw materials.

The currency of the world’s second-biggest cocoa producer depreciated as much as 0.7 percent to 1.5265 per dollar, the lowest since June 14, according to data compiled by Bloomberg. It traded at 1.5165 by 1 p.m. in Accra, the capital.

“Cement companies were on the market today buying the dollar to pay their raw material suppliers abroad,” Kwabena Owusu, a currency trader at the local unit of Access Bank Plc, said in a telephone interview. Those companies accounted for a majority of dollar purchases, he said.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net