Cedi weakens by 21.60%, the worst since redenomination

The Ghana cedi overwhelming decline against the major currency since Monday, has seen the local currency weakened to a level of 121.60 points, the worst since the redenomination exercise.
   

Mr Collins Appiah, Head of Research at the Gold Coast Securities (GCS) told the Ghana News Agency on Wednesday following the company’s analysis of the performance of the local currency on the inter-bank market.
   

He said though it was early to predict the cedi’s 2009 performance, this week’s activities left a lot to be desired.       
   

He said on Wednesday, despite a mixed performance, the cedi persisted in its descent as it fell by 0.07 percent to the dollar and 0.55 percent to the UK Pound.
   

It however, managed a slim appreciation against the Euro and the CFA but Mr Appiah said the marginal rise was not enough to impede the consistent erosion the currency’s potency.
   

He said as a result the Gold Coast Securities (GCS)-Cedi Index lost further to close at 121.60 points, a depreciation of 0.14 points against its previous performance.
   

That Mr Appiah said brought the year-to-date depreciation at 2.64 percent and base year-to-date depreciation to 21.60 percent.    
   

The following are the exchange rates for the four currencies on Wednesday, January 28, 2009.

Currency Buying Selling Depreciation (-)/Appreciation (+)
           (GH¢)         (GH¢)         (Gp)

Dollar      1.2412       1.2797        – 0.09
Pound       1.7662       1.8212        – 0.99     
Euro        1.6422       1.6928        + 0.04

Equivalence of currency to one GH¢
CFA         387.51       399.43        + 0.47  
GNA