Cedi continues
appreciation against major currencies
Accra, Jan. 21, /Ghanadot/GNA – The Ghana cedi continued
on Wednesday its appreciation against the UK Pound, the
Euro and the CFA pushing further down the Gold Coast
Securities (GCS)-Cedi Index by 0.21 points.
It however depreciated again by 0.19GHp to the US
dollar.
The cedi gained 2.22GHp against the Pound, 0.48GHp to
the Euro and 0.01GHp to the CFA.
The Index, which measures the average performance of the
cedi against its major trading currencies, therefore,
went down at 118.87 points on Wednesday from 119.08
points on Tuesday.
The cedi gains value when the index goes down and it
loses value when the index goes up.
The year-to-date depreciation is 2.80 percent to the
dollar and a year-to-date appreciation of 2.76 percent
to the Pound, 4.48 percent to the Euro and 4.68 percent
to the CFA.
The Index change for the year to date and change base
year (July 03 2007) to date now stands at 0.30 per cent
and 18.12 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 Wednesday, January 21, 2009.
Currency Buying Selling Depreciation (-)/Appreciation
(+)
(GH¢) (GH¢) (Gp)
Dollar
1.2296
1.2664 - 0.19
Pound
1.6951 1.7462
+ 2.22
Euro
1.5877 1.6349
+ 0.48
Equivalence of currency to one GH¢
CFA
401.23
413.14 + 0.01
GNA
