Cedi falls to major currencies

The Ghana Cedi on Thursday lost to three major currencies, the Dollar, Pound and Euro but appreciated slightly to the CFA, pushing up the Gold Coast Securities (GCS)-Cedi Index by 0.27 points.

The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, went up at 110.91 points on Thursday from 110.64 points on Wednesday.

The cedi gains value when the index goes down and it loses value when the index goes up.

On a whole, the cedis lost 0.22 GH pesewas to the Dollar, 1.10 GH pesewas to the Pound, 0.49 GH pesewas to the Euro and gained 0.012 GH pesewas against the CFA.

Change for the year to date stands at 6.53 per cent, while change base year (July 03 2007) to date is 10.64 per cent.

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, July 10, 2008. Currency Buying Selling Depreciation (-)/Appreciation (+)

(GH¢)
(GH¢)
(Gp) Dollar
1.0161
1.0468
- 0.22
Pound
2.0092
2.0703
- 1.10

Euro
1.5975
1.6456
- 0.49 Equivalence of currency to one GH¢
CFA
398.62
410.61
+ 0.012