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Ghana Cedi recovers slightly but
continues fall to dollar
Accra, June 11, Ghanadot/GNA - The Ghana Cedi on Wednesday
continued its fall
to the dollar but recovered slightly against other major
currencies, pushing down the Gold Coast Securities
(GCS)-Cedi Index by 0.15 points.
The Index, the composite measure of the value of the Ghana
cedi against
the Dollar, Pound, CFA and the Euro, came down at 108.38
points from 108.53 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 lost 0.005 GH pesewas to the Dollar
but gained 0.78 GH pesewas; 0.80 GH pesewas and 0.021 GH
pesewas to the Euro, the Pound and the CFA.
Change for the year to date stands at 4.36 per cent, while
change base year (July 03 2007) to date is 8.38 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 Tuesday, June 11, 2008.
Currency Buying Selling Depreciation/Appreciation(GH˘) (GH˘)
(Gp)
Dollar 0.9945 1.0209 -0.005
Pound 1.9443 1.9962 +0.80
Euro 1.5407 1.5816 +0.78
Equivalence of currency to one GH˘ CFA 414.74 425.74 +0.021
GNA
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