Cedi stronger against the Pound

Accra, Oct. 22, GNA - Ghana cedi was stronger on Wednesday against the British Pound and the Euro pulling down the Gold Coast Security (GCS)-Cedi Index by 1.34 points despite fall to the dollar and the CFA. The cedi appreciated 8.90 GH pesewas against the Pound to indicate a year-to-date cedi appreciation of 2.55 per cent against the UK currency. It appreciated 4.33 GH pesewas to the Euro with a year-to-date cedi depreciation of 3.93 percent.

It, however, fell by 0.02 GH pesewas and 0.13 GH pesewas to the dollar and the CFA respectively. The year-to-date shows a deprecation of 18.28 percent to the dollar and appreciation of 3.78 percent to the CFA.

The index, which measures the average performance of the cedi against the major trading currencies, on Wednesday therefore, dropped at 113.92 points from 115.26 points on Tuesday. The cedi gains value when the index goes down and it loses value when the index goes up.

Change for the year to date and change base year (July 03 2007) to date now stands at 10.85 per cent and 15.12 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.