Cedi continues lost to the dollar but gains to pound/euro

Accra, Aug 12, GNA - Ghana Cedi on Tuesday continued its' lost to the dollar and CFA but appreciated against the Pound and the Euro ending flat at 0.00 points the Gold Coast Securities (GCS)-Cedi Index. The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, therefore, remained unchanged at 113.27 on Tuesday.

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

On a whole, the cedis lost gained 0.25 GH pesewas to the Dollar and 0.01 GH pesewas to the CFA. It however appreciated 0.97 GH pesewas to the Pound and 0.54 GH pesewas to the Euro. Change for the year to date and change base year (July 03 2007) to date, therefore, remained at 9.06 per cent and 13.27 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 Tuesday, August 12, 2008.

Currency Buying Selling Depreciation (-)/Appreciation (+)

(GH¢) (GH¢) (Gp)

Dollar 1.0553 1.0962 - 0.25

Pound 2.0083 2.0865 + 0.97

Euro 1.5704 1.6312 + 0.54

Equivalence of currency to one GH¢ CFA 402.13 417.69 - 0.01 12 Aug 08