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Ghana Cedi recovers slightly from
loses
Accra, March 28, Ghanadot/GNA - The Ghana Cedi on Friday
recovered slightly from the week loses against the major
international currencies, which push down the Gold Coast
Securities (GCS)-Cedi Index by 0.09 points.
The Index, the composite measure of the value of the Ghana
cedi against the Dollar, Pound, CFA and the Euro, dropped at
106.10 points from 106.10 points on Thursday.
On broader, the cedi appreciated against the pound and the
euro by 0.81 GH pesewas and 0.15 GH pesewas respectively.
It, however, depreciated slightly by 0.004 GH pesewas
against CFA and continued to maintain its stability with the
dollar.
Change for the year to date stands at 2.16 per cent while
change base year (July 03 2007) to date is 6.10 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.
The cedi gains value when the index goes down and it loses
value when the index goes up.
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.
GNA
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