Dollar stronger than the Ghana Cedi now

Accra, June 23, GNA - The Ghana Cedi on Monday lost to three major currencies; the pound, dollar and the euro pushing up, the Gold Coast Securities (GCS)-Cedi Index by 0.14 points.

It, however, appreciated slightly against the CFA. The fall to the dollar in particular, has been continual in recent past. The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, went up at 109.61 points on Monday from 109.47 points last Friday.

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

On a whole, the cedis lost 0.60 GH pesewas, 0.09 GH pesewas and 0.10 GH pesewas to the euro, the pound and the dollar respectively. It gained 0.006 GH pesewas against the CFA.

Change for the year to date stands at 5.54 per cent while change base year (July 03 2007) to date is 9.61 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, June 23, 2008.

Currency Buying Selling Depreciation/Appreciation

(GH¢) (GH¢) (Gp)

Dollar 1.0054 1.0316 -0.10

Pound 1.9820 2.0342 -0.09

Euro 1.5674 1.6083 -0.60

Equivalence of currency to one GH¢

CFA 409.86 418.50 +0.006