Ghanaian currency plunges

  1. Posted on Wednesday 24 September 2008 - 06:41
    Francis
    Francis Ameyibor, AfricaNews reporter in Accra, Ghana
    The Ghanaian cedi fell significantly against the major currencies especially to the pound and euro pushing up the Gold Coast Securities (GCS)-Cedi Index by 0.97 points despite a slight appreciation against the CFA.
    ghana
    The Index, the composite measure of the value of the Ghana cedi against the four major currencies, went up at 116.01 points on Monday from 115.04 points last Friday. The year-to-date shows a deprecation of the cedi by 15.59 per cent, 15.05 per cent and 7.68 percent to the Dollar, the Euro and the Pound respectively, but indicates 13.06 per cent appreciation against.

    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 5.75 GH pesewas to the Pound, 4.27 GH pesewas to the Euro and 0.03 GH pesewas to the Dollar. It appreciated, however, by 0.11 GH pesewas to the CFA.

    Change for the year to date and change base year (July 03 2007) to date now stands at 11.70 per cent and 16.01 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.

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