Ghana Cedi recovers slightly

Accra, May 7, GNA - The Ghana Cedi on Wednesday recovered slightly against the euro and the pound which pushed the Gold Coast Securities (GCS)-Cedi Index down by 0.12 points.

The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, went down at 106.65 points from 106.77 points on Tuesday. The lost to the dollar and the CFA was minimal.

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 0.88 GH pesewas and 0.90 GH pesewas against the Pound. It depreciated 0.08 GH pesewas and 0.025 GH pesewas against the dollar and the CFA respectively.

Change for the year to date stands at 2.68 per cent while change base year (July 03 2007) to date is 6.65 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 14, 2008.

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

Dollar 0.9808 1.0001 -0.08

Pound 1.9032 1.9412 +0.90

Euro 1.5118 1.5414 +0.88

Equivalence of currency to one GH¢

CFA 425.57 433.89 -0.025