Cedi falls significantly to major currencies

Accra, Sept. 15, GNA - Ghana cedi fell significantly on Wednesday to the major currencies, the Dollar, the Pound, and the Euro pushing up the Gold Coast Securities (GCS)-Cedi Index by 0.89 points. It, however, appreciated marginally to the CFA.

The Index, the composite measure of the value of the Ghana cedi against the four major currencies, went up at 115.03 points on Monday from 114.14 points last Friday.

The year-to-date shows that the cedi has depreciated 15.32 per cent, 12.64 per cent and 4.88 percent to the Dollar, the Euro and the Pound respectively. It has appreciated, however by 11.2 percent against 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 0.28 GH pesewas to the Dollar and 4.54 GH pesewas to the Pound and 3.18 GH pesewas to the Euro while it appreciated by 0.01 GH pesewas to the CFA.

Change for the year to date and change base year (July 03 2007) to date now stands at 10.76 per cent and 15.03 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.