Ghana’s Cedi May Extend West Africa’s Worst Drop On Imports

Via BusinessWeek:

Ghana’s cedi, West Africa’s worst performing currency this year, will depreciate about 5 percent in 2013 to a record low on greater demand for imports, according to the country’s second-biggest bank.

The cedi is projected to trade at 2 per dollar by the end of this year, John Awuah, chief financial officer at Ghana Commercial Bank Ltd., said by phone from Accra, the capital, on May 2.

The cedi gained 0.1 percent to 1.9755 per dollar by 8:16 a.m. in Accra, retreating from May 3’s lowest level since at least June 1994 when Bloomberg began compiling the data.

The cedi started the year at 1.9045.

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