Cedi recovers slightly against Pound and Euro but.

Accra, July 16, GNA - The Ghana Cedi on Wednesday recovered slightly against the Pound and the Euro but continued to fall to the dollar pushing down the Gold Coast Securities (GCS)-Cedi Index by 0.04 points.

The cedi also depreciated a little against the CFA. The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, dropped at 111.74 points on Wednesday from 111.78 points 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 gained 0.25 GH pesewas to the Pound, 0.51 GH pesewas to the Euro and depreciated 0.05 GH pesewas and 0.01 GH pesewas to the Dollar and the CFA.

Change for the year to date stands at 7.59 per cent, while change base year (July 03 2007) to date is 11.74 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 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 Wednesday, July

16, 2008.

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

Dollar 1.0196 1.0510 - 0.05

Pound 2.0473 2.1106 + 0.25

Euro 1.6249 1.6748 + 0.51

Equivalence of currency to one GH¢

CFA 391.66 403.70 - 0.01