Business News of Friday, 26 September 2008
Accra, Sept. 26, GNA - Ghana cedi remained stable again to the Dollar but appreciated against the Pound and Euro on Friday pushing down the Gold Coast Securities (GCS)-Cedi Index by 0.35 points despite a slight deprecation against the CFA.
The Index, the composite measure of the value of the Ghana cedi against the four major currencies, dropped at 116.02 points on Friday from 116.37 points on Thursday.
The year-to-date shows a deprecation of the cedi by 15.69 per cent, 15.32 per cent and 7.27 percent to the Dollar, the Euro and the Pound respectively, but indicates 13.27 per cent appreciation against. The cedi gains value when the index goes down and it loses value when the index goes up.
On a whole, the cedi fell by 2.32 GH pesewas to the Pound, 1.16 GH pesewas to the Euro and 0.00 GH pesewas to the Dollar. It appreciated, however, by 0.01 GH pesewas to the CFA.
Change for the year to date and change base year (July 03 2007) to date now stands at 11.71 per cent and 16.02 per cent respectively. 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 Thursday, September 25, 2008.
Currency Buying Selling Depreciation (-)/Appreciation (+) (GH¢) (GH¢) (Gp)
Dollar 1.0975 1.1404 - 0.00 Pound 2.0173 2.0965 + 2.32 Euro 1.6036 1.6655 + 1.16
Equivalence of currency to one GH¢ CFA 393.85 409.06 - 0.01