{"id":225102,"date":"2016-06-24T09:42:38","date_gmt":"2016-06-24T09:42:38","guid":{"rendered":"http:\/\/citifmonline.com\/?p=225102"},"modified":"2016-06-24T09:42:38","modified_gmt":"2016-06-24T09:42:38","slug":"cedi-falls-against-pound-as-uk-votes-to-exit-eu","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/06\/cedi-falls-against-pound-as-uk-votes-to-exit-eu\/","title":{"rendered":"Cedi falls against pound as UK votes to exit EU"},"content":{"rendered":"
Ghana’s cedi suffered a slight loss against the pound after Britain voted to exit the EU on Thursday.<\/p>\n
The value of the cedi recorded a marginal plunge of 1.04 percent on the \u00a0interbank foreign exchange market.<\/p>\n
Cedi’s performance <\/strong><\/p>\n Ghana’s cedi which had been trading at 5 cedis 72 pesewas to a pound (buying) and 5 cedis 73 pesewas (selling) since [contextly_sidebar id=”THawlz5sbFaoLfiQhL1n2D06S8hBXWNy”]Monday changed gear on Thursday and begun trading at 5cedis 78 pesewas (buying) and 5 79pesewas (selling) on the interbank foreign exchange market where banks trade among themselves.<\/p>\n It is unclear whether the marginal decline of the cedi against the pound was due to the exit as earlier a number of currency analysts had told Citi Business News the cedi was not likely to feel any impact against the British pound with any decision by the UK to stay or exit the EU.<\/p>\n Currency analyst, Samuel Ampah \u00a0argued that the volume of trade between the UK and Ghana as well as the limited financial aid granted to the latter will not result in a fast depreciation of the cedi.<\/p>\n \u201cI can clearly state that there will not be any impact. Ghana is not currently benefiting directly from Britain in terms of aid. When Ghana was regarded as a poor or developing country, you could have Britain giving out some aid. Now Ghana is not directly benefiting so much in terms of aid from Britain that is how come you can guard the British pound being used to support our economy. But because we are not earning so much from Britain, we might not necessarily feel it.\u201d<\/p>\n Global impact <\/strong><\/p>\n Elsewhere – across the globe however, the British pound plummeted by 10 percent\u00a0 reaching levels not seen since 1985 well below the value at the worst of the 2008 financial crisis the euro dropped nearly 4 percent while shares in London were instantly down by nearly 16 percent. The BBC reported that the London stock market had plunged more than 8% in the wake of the UK’s vote to leave the EU.<\/p>\n In the opening minutes of trade, the\u00a0FTSE 100 index<\/a>\u00a0fell more than 500 points before regaining some ground.<\/p>\n Banks were especially hard hit, with Barclays and RBS falling about 30%.<\/p>\n