Cedi continue fall to dollar but gains to others

Accra, Nov. 20, GNA - Ghana cedi on Thursday continued fall to the dollar but appreciated marginally to the pound and the euro pushing down the Gold Coast Securities (GCS)-Cedi Index by 0.08 points.

The Index, the composite measure of the value of the Ghana cedi against the four major currencies fell at 113.93 points on Thursday from 114.01 points on Wednesday.

The year-to-date shows a deprecation of the cedi by 21.10 per cent, and 3.21 percent against the Dollar and the Euro respectively. It however shows a year-to-date appreciation of 8.66 percent and 3.10 percent against the pound and the CFA.

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 0.15 GH pesewas to the Dollar and 0.05 GH pesewas to the CFA. It appreciated to the Pound and the Euro by 1.58 GH pesewas and 0.02 GH pesewas respectively.

Change for the year to date and change base year (July 03 2007) to date now stands at 9.70 per cent and 13.39 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.