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Business News of Thursday, 14 February 2008

Source: GNA

GH Cedi depreciates against major currencies

Accra, Feb. 14, GNA - The Gold Coast Security (GCS)-Cedi Index rose 0.12 points on Thursday indicating a loss in the value of the cedi against the four major international currencies.

The Index, which is a composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, went up from 104.24 points on Wednesday to 104.54 points on Thursday.

The cedi depreciated by 0.0109 GH cedis against the British Pound and 0.0014 GH cedis against Euro but remained fairly stable against the dollar and the CFA.

Change year to date stands at 0.66 per cent. 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 in July 2007.