Cedi depreciates to major trading currencies

Accra, Dec. 2, GNA - The cedi depreciated on Wednesday to the major trading currencies but remained flat with the US Dollar leading to a rise= in the Gold Coast Securities (GCS)-Cedi Index by 0.38 points. The Index, which is the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, therefore, went up from=

147.85 points on Tuesday to 148.23 points on Wednesday. The cedi gains value when the index goes down and it loses value whe= n the index goes up. On a whole, the cedi lost 1.60 pesewas, 0.93 pesewas and 0.01 pesewa= s to the Pound, the Euro and the CFA respectively. The year-to-date shows that the cedi has depreciated 18.42 per cent,=

34.70 per cent and 28.60 per cent to the Dollar, the Pound and the Euro respectively. Its depreciation against the CFA also stands at 26.26 per cent. The index Change for the year to date and change base year (July 03=

2007) to date now stands at 25.12 per cent and 48.23 per cent respectivel= y. The Index is calculated as a geometric weighted average of changes i= n the four currency rates against the cedi at the Inter-bank market, relati= ve to a base of 100 set on 03 July 2007, when the Bank of Ghana redenominate= d 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 Wednesday, December 2, 2009.