|
Ghana Cedi
appreciates against euro and pound
Accra, May 29, Ghanadot/GNA - The Ghana Cedi on Thursday
appreciated against the euro and the pound pushing the Gold
Coast Securities (GCS)-Cedi Index down by 0.20 points.
The Index, the composite measure of the value of the Ghana
cedi against the Dollar, Pound, CFA and the Euro, went down
at 107.64 points from 107.84 points on Wednesday. This was
despite the Ghana cedi depreciating against the dollar and
the CFA.
The cedi gains value when the index goes down and it loses
value when the index goes up.
On a whole, the cedis appreciated against the euro by 1.59
GH cedis and 0.90 GH pesewas against the Pound. It lots 0.05
GH pesewas and 0.04 GH pesewas against the dollar and the
CFA respectively.
Change for the year to date stands at 3.65 per cent while
change base year (July 03 2007) to date is 7.64 per cent.
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 5.50 per cent since the base
period, while a quote of 85.3 means the cedi has gained
14.77 per cent since its base year.
The following are the exchange rates for the four currencies
on Thursday, May 29, 2008.
GNA
|
