Ghana Cedi recovers slightly but continues fall to dollar

Accra, June 11, GNA - The Ghana Cedi on Monday continued its fall to dollar but recovers slightly against other major currencies pushing down the Gold Coast Securities (GCS)-Cedi Index by 0.15 points. The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, came down at 108.38 points from 108.53 points on Tuesday.

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

On a whole, the cedis lost 0.005 GH pesewas to the dollar but gained 0.78 GH pesewas, 0.80 GH pesewas and 0.021 GH pesewas to the euro, the pound and the CFA respectively.

Change for the year to date stands at 4.36 per cent while change base year (July 03 2007) to date is 8.38 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 Tuesday, June 11, 2008.

Currency Buying Selling Depreciation/Appreciation

(GH¢) (GH¢) (Gp)

Dollar 0.9945 1.0209 -0.005

Pound 1.9443 1.9962 +0.80

Euro 1.5407 1.5816 +0.78

Equivalence of currency to one GH¢

CFA 414.74 425.74 +0.021