Cedi falls slightly to major currencies but.

Accra, Oct. 28, GNA - Ghana cedi depreciated slightly on Tuesday to the major currencies pushing up the Gold Coast Securities (GCS)-Cedi Index by 0.11 points despite a little gain to the CFA. The cedi in recent past had remained strong to the Pound and Euro showing as of today Tuesday, a 6.11 per cent year-to-date appreciation to the Pound and a 1.60 per cent year-to-date depreciation to the Euro. It has, however, witnessed a consistent year-to-date depreciation to the dollar which now stands at 18.48 per cent and an appreciation of 1.57 per cent to the CFA.

The GCS Cedi Index, which measures the average performance of the cedi against the major trading currencies, therefore, went up at 112.95 points from 112.84 points on Monday. 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 0.07 GH pesewas, 0.31 GH pesewas, and 0.44 GH pesewas to the dollar, the Pound and the Euro respectively. It however appreciated by 0.01 GH pesewas to the CFA. The overall change for the year to date and change base year (July 03 2007) to date now stands at 8.75 per cent and 12.59 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, October 28, 2008.

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

(GH¢) (GH¢) (Gp)

Dollar 1.1303 1.1615 - 0.07

Pound 1.7752 1.8252 - 0.31

Euro 1.4205 1.4596 - 0.44

Equivalence of currency to one GH¢

CFA 449.42 461.78 + 0.01