Cedi Drop Pushes Up Ghanaian Banks’ Hard-Currency Loans

(Bloomberg) -- Ghanaian banks’ foreign-currency advances jumped to the highest in at least four years as the cedi weakened. The cedi value of the loans was 27% higher at the end of October than a year earlier, after the currency weakened 13% against the dollar. Borrowers in Ghana who earn foreign currency are allowed to take up credit in dollars, euros and pounds, at a much cheaper interest rate, for loans ranging from mortgages to business.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

To contact the editors responsible for this story: Andre Janse van Vuuren at ajansevanvuu@bloomberg.net, Rene Vollgraaff, Jacqueline Mackenzie

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