Cedi recovers slightly to dollar

Accra, Aug. 25, GNA - Ghana Cedi recovers slightly on Monday when it appreciated for the first time in over two weeks to the US Dollar by 0.11 GH pesewas.

The cedi also gained significantly to the Pound and the Euro but fell to the CFA pushing down the Gold Coast Securities (GCS)-Cedi Index by 0.56 points.

The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, Euro and CFA, dropped by 0.56 points at 113.44 points to open the week on Monday from 113.99 points on Friday. The cedi gains value when the index goes down and it loses value when the index goes up.

The cedi, on a whole, appreciated to the Dollar by 0.11 GH pesewas, to the Pound by 3.46 GH pesewas and to the Euro by 1.78 GH pesewas. It, however, depreciated by 0.04 GH pesewas to the CFA.

Change for the year to date and change base year (July 03 2007) to date now stands at 9.22 per cent and 13.44 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 Monday, August 25, 2008.

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

(GH¢) (GH¢) (Gp)

Dollar 1.0615 1.1110 + 0.11

Pound 1.9593 2.0510 + 3.46

Euro 1.5649 1.6378 + 1.78

Equivalence of currency to one GH¢

CFA 400.51 419.16 - 0.04