Cedi falls to major currencies

Accra, Oct. 7, GNA - Ghana cedi on Tuesday depreciated to the major currencies, the dollar, pound and euro pushing up the Gold Coast Securities (GCS)-Cedi Index by 0.45 points despite a slight appreciation against the CFA.

The Index, the composite measure of the value of the Ghana cedi against the four major currencies, went up at 114.86 points on Tuesday from 114.41 points on Monday.

The year-to-date shows a deprecation of the cedi by 16.80 per cent, 8.14 per cent and 3.11 percent to the Dollar, the Euro and the Pound respectively, but indicates 7.52 per cent appreciation against. The cedi gains value when the index goes down and it loses value when the index goes up.

On a whole, the cedi fell by 0.64 GH pesewas to the Dollar, 0.25 GH pesewas to the Pound and 0.90 GH pesewas to the Euro. It appreciated, however, by 0.03 GH pesewas to the CFA.

Change for the year to date and change base year (July 03 2007) to date now stands at 10.60 per cent and 14.86 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 Tuesday, October 7, 2008.

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

Dollar 1.1115 1.1479 - 0.64 Pound 1.9449 2.0092 - 0.25 Euro 1.5083 1.5573 - 0.90

Equivalence of currency to one GH¢ CFA 421.22 434.90 + 0.03