Cedi recovers from major currencies, but

Accra, July 9, GNA - The Ghana Cedi on Wednesday recovered slightly against three major currencies but continued its lost to the dollar which pushed down the Gold Coast Securities (GCS)-Cedi Index by 0.03 points.

The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, dropped at 110.64 points on Wednesday from 110.67 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 0.02 GH pesewas but gained 0.35 GH pesewas to the Pound, 0.08 GH pesewas to the Euro and 0.002 GH pesewas. Change for the year to date stands at 6.53 per cent, while change base year (July 03 2007) to date is 10.64 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 Wednesday, July 9, 2008.

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

(GH¢) (GH¢) (Gp)

Dollar 1.0136 1.0450 - 0.02

Pound 1.9976 2.0599 + 0.35

Euro 1.5922 1.6412 + 0.08

Equivalence of currency to one GH¢

CFA 399.67 411.97 + 0.002