GH Cedi appreciates against major currencies

Accra, March 20, GNA - The GH Cedi on Thursday gain value against the major international currencies, which pulled down the Gold Coast Securities (GCS)-Cedi Index by 0.41 points.

The Index, which is the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro dropped at 105.72 points from 106.13 points on Wednesday.

The cedi appreciated against three of the major currencies; the pound by 2.94 GH cedis, the euro by 1.47 GH cedis and the dollar 0.01 by GH pesewas. It however depreciated by 0.04 GH pesewas against the CFA. Change for the year to date stands at 1.80 per cent while change base year (July 03 2007) to date is 5.72 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. The cedi gains value when the index goes down and it loses value when the index goes up.

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 Thursday, March 20, 2008.

Currency Buying Selling Depreciation/Appreciation

(GH¢) (GH¢) (GHp)

Dollar 0.9641 0.9851 +0.01

Pound 1.9433 1.9863 +2.94

Euro 1.5192 1.5524 +1.47

Equivalence of currency to one GH¢

CFA 422.53 431.78 -0.04