Cedi weakened this week to major currencies

Accra, Aug. 22, GNA - Ghana Cedi fell throughout this week to the dollar, pound and euro, which also caused the Gold Coast Securities (GCS)-Cedi Index to rise significantly. Meanwhile, it also continued its marginal gain against the CFA throughout the week.

The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, Euro and CFA, went up 0.24 points at 113.99 points on Friday from 113.75 points on Thursday. 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 0.93 GH pesewas, the Dollar by 0.14 GH pesewas and the Euro by 0.87 GH Pesewas, but gained 0.0219 GH pesewas against the CFA.

Change for the year to date and change base year (July 03 2007) to date were 9.76 per cent and 13.99 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 Friday, August 22, 2008.

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

(GH¢) (GH¢) (Gp)

Dollar 1.0633 1.1113 - 0.14

Pound 1.9946 2.0849 - 0.93

Euro 1.5835 1.6548 - 0.87

Equivalence of currency to one GH¢

CFA 396.40 414.24 + 0.0219