Ghana Cedi appreciates against major currencies

Accra, April 9, GNA - The Ghana Cedi on Wednesday appreciated against the major international currencies pushing down the Gold Coast Securities (GCS)-Cedi Index by 0.17 points.

The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, went down at 105.81 points from 105.98 points on Tuesday.

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

On a whole, the cedi appreciated against the pound, the Euro and the CFA by 1.66GH cedis, 0.09 Ghana pesewas (Gp) and 0.002 Gp respectively. It, however, remained stable against the dollar. Change for the year to date stands at 1.88 per cent while change base year (July 03 2007) to date is 5.81 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, April 9, 2008.

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

Dollar 0.9646 0.9856 -

Pound 1.8983 1.9402 +1.66

Euro 1.5172 1.5500 +0.09

Equivalence of currency to one GH¢

CFA 423.19 432.34 +0.002