Accra, Dec. 23, GNA - The Ghana cedi continued its appreciation to the UK Pound and Euro but fall again to the US dollar on Tuesday pushing the Gold Coast Securities (GCS)-Cedi Index down by 0.18 points. The Index, which measures the average performance of the cedi against its major trading currencies, therefore went down at 118.23 points from 118.41 points last Friday. The cedi gains value when the index goes down and it loses value when the index goes up.
The year-to-date depreciation to the Dollar and the Euro now stands at 24.62 per cent and 18.81 percent respectively. It's year-to-date appreciation posted against the Pound and the CFA also stands at 6.46 per cent and 15.83 per cent respectively. On a whole, the cedi gained 0.81GHp to the Pound, 1.29GHp to the Euro, and fell 0.06 GHp to the dollar and 0.03GHp the CFA. The Index change for the year to date and change base year (July 03 2007) to date now stands at 13.84 per cent and 18.23 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, December 23, 2008.
Currency Buying Selling Depreciation (-)/Appreciation (+) (GH¢) (GH¢) (Gp)
Dollar 1.1865 1.2242 - 0.06
Pound 1.7653 1.8219 + 0.81
Euro 1.6579 1.7101 + 1.29
Equivalence of currency to one GH¢ CFA 383.59 395.66 - 0.03 23 Dec. 08
