Cedi gains to pound and euro but dips to dollar

Accra, Aug 8, GNA - Ghana Cedi closed the week today Friday with gains to the Pound and Euro but continued fall to the dollar thus pushing up the Gold Coast Securities (GCS)-Cedi Index down by 0.02 points. It also depreciated to the CFA.

The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, therefore, dropped at 113.96 on Friday from 113.98 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 gained 0.49 GH pesewas to the Pound, 0.17 GH pesewas to the Euro and depreciated by 0.09 GH pesewas to the Dollar and 0.004 GH pesewas to the CFA.

Change for the year to date stands at 9.73 per cent, while change base year (July 03 2007) to date is 13.96 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, August 8, 2008.

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

(GH¢) (GH¢) (Gp)

Dollar 1.0518 1.0919 - 0.09

Pound 2.0505 2.1292 + 0.49

Euro 1.6271 1.6889 + 0.17

Equivalence of currency to one GH¢

CFA 388.39 413.14 - 0.004