Cedi remains strong against major currencies

Accra, Dec. 15, GNA - The cedi remained stable against the US dollar on Tuesday, but appreciated against the Euro and the CFA, the Gold Coast Securities (GCS)-Cedi Index said.

Even though the cedi fell by 0.19 pesewas to the UK Pound, the Index dropped by 0.22 points to close at 146.01 points on Tuesday from 146.23 points on Monday.

It gained 1.14 pesewas against the Euro and 0.02
pesewas against the CFA.
The cedi gains value when the index goes down and it loses value when the index goes up. The Index is the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro.

The year-to-date shows that the cedi has depreciated 18.67 per cent, 35.25 per cent and 27.04 per cent to the Dollar, the Pound and the Euro respectively. Its depreciation against the CFA also stands at 21.30 per cent.

The index change for the year to date and change base year (July 03 2007) to date now stands at 23.25 per cent and 46.01 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, December 15, 2009.

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

(GH¢) (GH¢) (Gp)
Dollar 1.4242 1.4461 - 0.00
Pound 2.3177 2.3535 - 0.19
Euro 2.0790 2.1098 + 1.14
Equivalence of currency to one GH¢
CFA 310.91 315.51 + 0.02
GNA