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Business News of Wednesday, 20 February 2008

Source: GNA

GH Cedi remains strong

Accra, Feb. 20, GNA - The GCS-Cedi Index, the composite measure of the value of the Ghana cedi against the four major international currencies, dropped marginally at 0.04 points on Wednesday. The Index fell from 104.52 points to 104.48 points to show a slight gain in the value of the cedi against the four major international currencies, the Dollar, Pound, CFA and the Euro. On a whole, the cedi appreciated against the Pound by 0.43 GH cedis and remained stable with the CFA, the dollar and the Euro. Change for the year to date stands at 0.60 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 in July 2007. The following are the exchange rates for the four currencies on Monday February 20, 2008.