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Ghana’s cedi depreciates on increased dollar demand
By AfricaTimes on March 13, 2012
Ghana’s cedi extended its depreciation against the dollar on Monday after losing 0.53 percent week-on-week last Friday on high corporate demand for the greenback, traders said.
The dollar-cedi rate was quoted at 1.7200/25 at midday after opening at 1.7185/10, representing a 0.09 percent loss by the local currency.
Barclays Ghana trader Jacob Brobbey said corporate dollar demand, mostly by telecommunication firms, had increased in recent times.
Biggles Amponsah of Access Bank Ghana said the high dollar demand was seasonal for end-of quarter imports.
“It is around this time that we see demand coming from manufacturing firms, apart from the daily purchases by telecommunication firms and the broader commerce group,” Amponsah said.
Reuters.
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