Ghana Cedi lost again to the dollar

Accra, May 29, GNA - The Ghana Cedi on Friday lost against the dollar, the pound and the CFA, pushing down again, the Gold Coast Securities (GCS)-Cedi Index by 0.03 points. The lost to the dollar has been consistent for the past four days. The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, went down at 107.61 points from 107.64 points on Thursday.

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

On a whole, the cedis lost 0.09 GH pesewas, 0.12 GH pesewas and 0.03 GH pesewas against, the dollar, the pound and the CFA respectively. It, however, appreciated against the euro by 1.08 GH cedis. Change for the year to date stands at 3.61 per cent while change base year (July 03 2007) to date is 7.61 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 Friday, May 30, 2008.

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

Dollar 0.9865 1.0082 -0.09

Pound 1.9451 1.9883 -0.12

Euro 1.5263 1.5598 +1.08

Equivalence of currency to one GH¢ CFA 420.54 429.78 -0.03 30 May 08