Cedi surrenders gains again

The Ghana Cedi failed to maintain the momentum it gathered yesterday, as the depreciation it suffered against all four of its major trading partners caused it to lose 0.21 per cent of its value.

The local currency fell by 0.44 per cent to the Pound, adding to the 0.71 per cent loss it chalked against the same currency last Monday. In effect, the Pound which had recorded a depreciation of 5.29 per cent since the beginning of the year till last Friday is currently pegged at a depreciation of 4.76 per cent.

Today’s loss against the sterling was due to the strengthening of the U.K currency on the international market, following reports of improved economic data in the region. The Royal Institute of Chartered Surveyors issued a report yesterday stating that, U.K house prices gained by 9 per cent in March. This was followed by an economic data that revealed that exports rose by 9.5 per cent in March helping to cut trade deficits by £6.2 billion.

The Euro also regained 0.42 per cent of its potency from the Cedi, sending its year-to-date depreciation against the local currency to 5.08 per cent from a previous figure of 5.48 per cent.

Both the CFA and the dollar gained marginally against the Cedi despite reports of a weakening greenback on the global front. That notwithstanding, the local currency has proven itself fairly stable against the U.S dollar in recent times recording a year-to-date appreciation of 0.57 per cent at the close of this morning’s activities on the inter-bank market. 

The local currency was buying at GH¢1.41p and selling for GH¢1.43p against the dollar. It was trading between GH¢2.18p and GH¢2.21p to the pound and was going for GH¢1.93p and GH¢1.95p against the Euro. One Ghana Cedi was quoted between 336 and 340 CFA.