Ghana Cedi slightly appreciates against the euro

Accra, May 7, GNA - A Gp0.40 gain by the Ghana Cedi against the euro on Friday caused the Gold Coast Securities (GCS)-Cedi Index to remain flat despite loss against the three other major currencies. The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, remained unchanged at 106.84 points on Friday.

The cedi gains value when the index goes down and it loses value when the index goes up.

On a whole, the cedis appreciated against the euro by 0.40 GH pesewas but depreciated by 0.05 GH pesewas, 0.09 GH Pesewas and 0.011 GH pesewas against the dollar, the pound and the CFA respectively. Change for the year to date stands at 2.88 per cent while change base year (July 03 2007) to date is 6.84 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 Friday, May 16, 2008.

Currency Buying Selling Depreciation/Appreciation

(GH¢) (GH¢) (Gp)

Dollar 0.9811 1.0011 -0.05

Pound 1.9114 1.9507 -0.09

Euro 1.5197 1.5505 +0.40

Equivalence of currency to one GH¢

CFA 423.05 431.62 -0.011