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Cedi falls again to major
currencies
Accra, Oct. 15, Ghanadot/GNA - Ghana cedi continued to
depreciate on Wednesday to the dollar, euro and CFA but gain
slightly to the pound pushing up again the GCS-Cedi Index by
0.12 points.
The index, which measures the average performance of the
cedi against the major trading currencies, therefore, went
up at 115.74 points on Wednesday from 115.62 points on
Tuesday.
The year-to-date shows a deprecation of the cedi by 17.91
per cent, 9.51 per cent and 3.76 per cent to the Dollar, the
Euro and the Pound respectively, but indicates 8.68 per cent
appreciation against the CFA.
The cedi gains value when the index goes down and it loses
value when the index goes up.
On a whole, the cedi depreciated by 0.20 GH cedis to the
dollar, 0.41 GH pesewas to the Euro and 0.01 GH pesewas to
the CFA. It, however, appreciated by 0.03 GH pesewas to the
Pound.
Change for the year to date and change base year (July 03
2007) to date now stands at 11.44 per cent and 15.74 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, October 15, 2008.
Currency Buying Selling Depreciation (-)/Appreciation (+)
(GH¢) (GH¢) (Gp)
Dollar 1.1234
1.1574 - 0.20
Pound 1.9596
2.0193 - 0.41
Euro 1.5291
1.5751 + 0.03
Equivalence of currency to one GH¢
CFA 416.46
428.97 - 0.01
GNA
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