Cedi continues fall to major currencies

Accra, Aug. 21, GNA - Ghana Cedi on Thursday continued its depreciation to the dollar, pound and euro pushing up again the Gold Coast Securities (GCS)-Cedi Index by 0.17 points.

It also continued its marginal gain against the CFA.

The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, Euro and CFA, went up at 113.75 points on Thursday from 113.58 points on Wednesday. The cedi gains value when the index goes down and it loses value when the index goes up.

The cedi, on a whole lost to the Pound by 0.92 GH pesewas, the Dollar by 0.02 GH pesewas and the Euro by 0.80 GH Pesewas, but gained 0.02 GH pesewas against the CFA.

Change for the year to date and change base year (July 03 2007) to date were 9.53 per cent and 13.75 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 Thursday, August 21, 2008.

Currency Buying Selling Depreciation (-)/Appreciation (+)

(GH¢) (GH¢) (Gp)

Dollar 1.0620 1.1099 - 0.02

Pound 1.9855 2.0754 - 0.92

Euro 1.5750 1.6459 - 0.80

Equivalence of currency to one GH¢

CFA 398.55 416.47 + 0.02