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Cedi reverses fall against major
currencies
Accra, Sept. 18, Ghanadot/GNA - Ghana cedi on Thursday
reversed its fall to the dollar, pound and euro pushing up
the Gold Coast Securities (GCS)-Cedi Index by 0.49 points
despite a slight appreciation against the CFA.
The Index, the composite measure of the value of the Ghana
cedi against the four major currencies, went up at 115.25
points on Thursday from 114.76 points on Wednesday.
The year-to-date shows a deprecation of the cedi by 15.42
per cent, 13.00 per cent and 5.48 percent to the Dollar, the
Euro and the Pound respectively. It’s appreciation to CFA
stands at 11.49 percent 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 fell by 0.07 GH pesewas to the dollar,
3.15 GH pesewas to the Pound and 1.53 to the Euro. It
depreciated, however, by 0.04 GH pesewas to the CFA.
Change for the year to date and change base year (July 03
2007) to date now stands at 10.97 per cent and 15.25 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 Thursday, September 18, 2008.
Currency Buying Selling Depreciation (-)/Appreciation (+)
(GH¢) (GH¢) (Gp)
Dollar 1.0938
1.1389 - 0.07
Pound 1.9814 2.0637 -
3.15
Euro 1.5693
1.6341 + 1.53
Equivalence of currency to one GH¢
CFA 401.42 4 17.99 -
0.04
GNA
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