Cedi depreciates to major currencies

Accra, Aug 18, GNA - Ghana Cedi on Monday depreciated to the dollar again, to the Pound and the Euro pushing up the Gold Coast Securities (GCS)-Cedi Index by 0.15 points.

It, however, appreciated slightly to the CFA. The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, Euro and CFA, went up at 112.88 points on Monday from 112.73 points on Friday.

The cedi gains value when the index goes down and it loses value when the index goes up.

On a whole, the cedis depreciated to the Pound by 1.27 GH pesewas, the Dollar by 0.04 GH pesewas and the Euro by 0.11 GH Pesewas, but gained 0.0028 GH pesewas against the CFA. Change for the year to date and change base year (July 03 2007) to date were 8.69 per cent and 12.88 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 Monday, August 18, 2008.

Currency Buying Selling Depreciation (-)/Appreciation (+) (GH¢) (GH¢) (Gp)

Dollar 1.0576 1.0976 - 0.04

Pound 1.9732 2.0481 - 1.27

Euro 1.5570 1.6157 - 0.11

Equivalence of currency to one GH¢ CFA 405.99 421.29 + 0.0028