Ghana Cedi gains to dollar but falls to euro, pound
The Ghana cedi on Thursday slightly appreciates to the dollar but fell to the euro and the UK Pound to push up the GCS-Cedi Index by 0.11 points.
The cedi gained GHp 0.13 against the dollar, and depreciated by GHp0.65 and GHp0.49 to the Pound and the Euro respectively. It remained stable to the CFA.
The index, which measures the average performance of the cedi against the major trading currencies, therefore, went up at 145.75 points from 145.64 points on Wednesday.
The year-to-date shows a deprecation of the cedi by 19.85 per cent to the dollar, 32.69 per cent to the Pound, 20.19 percent to the Euro and 16.80 per cent to CFA respectively.
The cedi gains value when the index goes down and it loses value when the index goes up.
Change for the year to date and change base year (July 03 2007) to date now stands at 23.03 per cent and 45.75 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.