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Cedi appreciates against Pound/CFA but falls to
the dollar
Accra, June 11, Ghanadot/GNA - The Ghana Cedi on Friday
continued its fall against the dollar but recovered slightly
against other major currencies, pushing down the Gold Coast
Securities (GCS)-Cedi Index by 0.04 points.
The Index, the composite measure of the value of the Ghana
cedi against the Dollar, Pound, CFA and the Euro, came down
at 108.22 points from 108.26 points on Thursday.
The cedi gains value when the index goes down and it loses
value when the index goes up.
On a whole, the cedis lost 0.05 GH pesewas to the Dollar and
0.09 pesewas to the Euro but gained 0.79 GH pesewas to the
Pound and 0.003 pesewas to CFA.
Change for the year to date stands at 4.20 per cent, while
change base year (July 03 2007) to date is 8.22 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 Friday, June 13, 2008.
Currency Buying Selling Depreciation (-)/Appreciation (+)
(GH¢) (GH¢) (Gp)
Dollar 0.9956 1.0202 - 0.05
Pound 1.9350 1.9834 + 0.79
Euro 1.5340 1.5717 - 0.09
Equivalence of currency to one GH¢
CFA 417.35 427.60 + 0.003
GNA
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