Cedi continues fall against dollar

Accra, June 11, GNA - The Ghana Cedi on Friday continued its fall against the dollar but recovered slightly against other major currencies, pushing down the Gold Coast Securities (GCS)-Cedi Index by 0.04 points.

The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, came down at 108.22 points from 108.26 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 lost 0.05 GH pesewas to the Dollar and 0.09 pesewas to the Euro but gained 0.79 GH pesewas to the Pound and 0.003 pesewas to CFA.

Change for the year to date stands at 4.20 per cent, while change base year (July 03 2007) to date is 8.22 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 Friday, June 13, 2008.

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

(GH¢) (GH¢) (Gp)

Dollar 0.9956 1.0202 - 0.05

Pound 1.9350 1.9834 + 0.79

Euro 1.5340 1.5717 - 0.09

Equivalence of currency to one GH¢

CFA 417.35 427.60 + 0.003