Cedi appreciates against the pound and euro but falls to dollar

Accra, Sept. 5, GNA - Ghana Cedi appreciated significantly against the Pound and the Euro but continued to depreciate to the Dollar and the CFA pushing down the Gold Coast Securities (GCS)-Cedi Index by 0.36 points. The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, dropped at 113.40 points on Friday from 113.76 points on Thursday. The year-to-date shows that the cedi has depreciated 13.95 per cent, 11.00 per cent and 1.24 percent to the Dollar, the Euro and the Pound respectively. It has appreciated, however by 9.88 percent against the CFA.

The cedi gains value when the index goes down and it loses value when the index goes up. On a whole, the cedi closed the week with a gain of 2.09 GH pesewas to the Pound, 2.67 GH pesewas to the Euro and depreciated 0.18 GH pesewas to the Dollar and 0.07 GH pesewas to the CFA. Change for the year to date and change base year (July 03 2007) to date now stands at 9.19 per cent and 13.40 per cent respectively. The Index is calculated as a geometric weighted average of changes in the four currency rates against the cedi at the Inter-bank market, relative to a base of 100 set on 03 July 2007, when the Bank of Ghana redenominated the national currency at a base value of 100. It is inversely proportional. A quote of 105.50 means the cedi value has depreciated by 5.50 per cent since the base period, while a quote of 85.3 means the cedi has gained by 14.77 per cent since its base year. The following are the exchange rates for the four currencies on Friday, September 5, 2008.