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<\/p>\nA surge in demand for dollars by companies paying for imports before the year-end holiday season has ended the Ghanaian cedi\u2019s world-beating performance.<\/p>\n
The currency of Africa\u2019s biggest gold producer weakened 13% so far this quarter \u2014 the biggest decline globally, according to data compiled by Bloomberg. <\/p>\n
That\u2019s erased some of the cedi\u2019s 50% gain that was underpinned by a stronger bullion price and saw it ranked as the world\u2019s best performer in the three months through June.<\/p>\n
The central bank\u2019s inability to supply sufficient foreign currency to the market has contributed to the cedi\u2019s current weakness, according to analysts including Hamza Adam, head of market-risk management at UMB Bank Ltd.<\/p>\n
Ghana\u2019s import-dependent economy ships in everything from food to machinery. Demand for products from abroad tends to increase toward the end of the year as businesses stock up before the Christmas-holiday season.<\/p>\n
While Ghana\u2019s gross international reserves soared to a three-year high of $11.1 billion by the end of June, the central bank won\u2019t deploy sufficient funds to fully meet demand for foreign exchange.<\/p>\n
<\/p>\n
\u201cThe cedi should be stable within a reasonable range,\u201d the bank said in an emailed response to questions. <\/p>\n
\u201cOur role at the <\/a>Bank of Ghana<\/a> is to ensure that fluctuations remain orderly, that they reflect fundamentals and that they do not undermine confidence in the broader economy.\u201d<\/p>\n \u201cAs at last week, banks that filed dollar needs on behalf of their clients to the <\/a>Bank of Ghana<\/a> got about half of their requests,\u201d he said by phone from the capital, Accra. \u201cThis week the central bank is trying to meet all demand.\u201d<\/p>\n The cedi traded 0.1% weaker at 11.9507 per dollar by 1:50 a.m. in Accra. On a year-to-date basis, it\u2019s gained 23%.<\/p>\n","protected":false},"excerpt":{"rendered":"A surge in demand for dollars by companies paying for imports before the year-end holiday season has ended…\n","protected":false},"author":2,"featured_media":114721,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-114720","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/114720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=114720"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/114720\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/114721"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=114720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=114720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=114720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}