Ghana cedi records first loss in 2010

The Ghana Cedi recorded its first loss this year on Wednesday against its major international trading currencies, the Pound, Dollar, Euro and the CFA.

The Gold Coast Securities Forex Market Update copied to the Ghana News Agency said the Ghana Cedis’ marginal depreciation, therefore resulted in the GCS-Cedi Index recording its first year-to-date depreciation in 2010.

It said the UK Pound was the cause for the fall, as its rise of 0.64 per cent outweighed the gains the Cedi made against the Euro and the CFA, resulting in the slight dip of 0.06 points in the index.

In effect, the year-to-date change, moved from a gain of 0.01 per cent recorded on Tuesday to a loss of 0.03 per cent during Wednesday morning’s trade.

The dollar, however, remained unchanged, maintaining the same mid-rate it closed 2009 with.

The local currency was buying at GH¢1.42p and selling for GH¢1.44p against the dollar.

It was trading between GH¢2.30p and GH¢2.34p to the pound and was going for GH¢2.06p and GH¢2.09p against the Euro.

One Ghana Cedi was quoted between 314 and 319 CFA.

Source: GNA