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Cedi recovers slightly against Pound and Euro but…
Accra, July 16, Ghanadot/GNA - The Ghana Cedi on Wednesday
recovered slightly against the Pound and the Euro but
continued to fall to the dollar pushing down the Gold Coast
Securities (GCS)-Cedi Index by 0.04 points.
The cedi also depreciated a little against the CFA.
The Index, the composite measure of the value of the Ghana
cedi against the Dollar, Pound, CFA and the Euro, dropped at
111.74 points on Wednesday from 111.78 points on Tuesday.
The cedi gains value when the index goes down and it loses
value when the index goes up.
On a whole, the cedis gained 0.25 GH pesewas to the Pound,
0.51 GH pesewas to the Euro and depreciated 0.05 GH pesewas
and 0.01 GH pesewas to the Dollar and the CFA.
Change for the year to date stands at 7.59 per cent, while
change base year (July
03 2007) to date is 11.74 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 by 5.50 per cent since the base period, while a
quote of 85.3 means the cedi has gained by 14.77 per cent
since its base year.
The following are the exchange rates for the four currencies
on Wednesday, July 16, 2008.
Currency Buying Selling Depreciation (-)/Appreciation (+)
(GH¢) (GH¢) (Gp)
Dollar 1.0196 1.0510 - 0.05
Pound 2.0473 2.1106 + 0.25
Euro 1.6249 1.6748 + 0.51
Equivalence of currency to one GH¢
CFA 391.66 403.70 - 0.01
GNA
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