Ghana Cedi loses slightly

Accra, May 7, GNA - The Ghana Cedi on Wednesday lost slightly against the euro and the dollar pushing the Gold Coast Securities (GCS)-Cedi Index up by 0.02 points.

The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, inched up by 106.57 points from 106.55 points on Tuesday. This is in spite of the cedi's little appreciation against the Pound 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 depreciated against the euro by 0.48 GH pesewas and 0.05 GH pesewas against the dollar. It gained 0.60 GH pesewas and 0.01 GH pesewas against the pound and the CFA respectively. Change for the year to date stands at 2.61 per cent while change base year (July 03 2007) to date is 6.57 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 Wednesday, May 7, 2008.

Currency Buying Selling Depreciation/Appreciation (GH¢) (GH¢) (Gp)

Dollar 0.9769 0.9957 -0.05

Pound 1.9171 1.9545 +0.60

Euro 1.5149 1.5438 -0.48

Equivalence of currency to one GH¢

CFA 424.90 433.01 +0.01