Cedi recovers slightly

Accra, April 7, GNA - The Ghana Cedi on Monday recovered slightly from losses against the major international currencies but the Gold Coast Securities (GCS)-Cedi Index went down marginally by 0.21 points, data from brokerage firm said on Monday.

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

The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, went down at 105.86 points from 106.07 points last Friday.

The cedi appreciated against the pound, the dollar, and euro by 1.44GH cedis, 0.06 Ghana pesewas (Gp) and 0.48Gp respectively. It, however, depreciated against the CFA by 0.0134Gp. Change for the year to date stands at 1.93 per cent while change base year (July 03 2007) to date is 5.86 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

5.50 per cent since the base period, while a quote of 85.3 means the cedi has gained

14.77 per cent since its base year. The following are the exchange rates for the four currencies on Monday, April 7,

2008.

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

Dollar 0.9645 0.9839 +0.06 Pound 1.9165 1.9554 +1.44 Euro 1.5115 1.5418 +0.48

Equivalence of currency to one GH¢ CFA 425.46 433.97 -0.0134 07 April 08