Cedi continues loss to the dollar

Accra, Aug 13, GNA - Ghana Cedi on Wednesday depreciated to the Dollar, the Euro and the CFA pushing up the Gold Coast Securities (GCS)-Cedi Index by 0.12 points.

It, however, appreciated slightly against the Pound. The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, went up at 113.39 points on Wednesday from 113.27 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 lost gained 0.09 GH pesewas to the Dollar, 0.89 GH pesewas to the Euro and 0.02 GH pesewas to the CFA. It gained 0.07 GH pesewas to the Pound.

Change for the year to date and change base year (July 03 2007) to date were 9.18 per cent and 13.39 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 Wednesday, August 13, 2008.

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

Dollar 1.0571 1.0962 - 0.09

Pound 2.0093 2.0842 + 0.07

Euro 1.5805 1.6390 + 0.89

Equivalence of currency to one GH¢ CFA 400.21 415.03 - 0.02