Cedi appreciates to the Pound but lost others

Accra, Aug 15, GNA - Ghana Cedi's appreciation to the Pound on Friday was enough to push down Gold Coast Securities (GCS)-Cedi Index by 0.37 points despite lost to the Dollar, the Euro and the CFA. The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, dropped at 112.73 points on Friday from 113.09 points on Thursday.

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

On a whole, the cedis appreciated to the Pound by 1.81 GH pesewas and depreciated to the Dollar, the Euro and the CFA by 0.02 GH pesewas, 2.21GH pesewas and 0.06 GH pesewas respectively.

Change for the year to date and change base year (July 03 2007) to date were 8.54 per cent and 12.37 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 Friday, August 15, 2008.

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

(GH¢) (GH¢) (Gp)

Dollar 1.0572 1.0972 - 0.02

Pound 1.9607 2.0352 + 1.81

Euro 1.5560 1.6146 - 2.21

Equivalence of currency to one GH¢

CFA 400.27 421.57 - 0.02