Ghana Cedi slightly appreciates against the euro
By GNA - Ghana News Agency
Business/Finance | Fri, 16 May 2008
|     
OSAGYEFO DR.KWAME NKRUMAH HAVING WON HIS BATTLE FOR INDEPENDENCE ON THE 6th MACRH 1957 SAID "NOW THE BATTLE IS OVER,THE BLACKMAN IS CAPABLE OF MANAGING HIS OWN AFFAIRS.
WE SINCE THEN HAVE FREEDOM,AND STILL MISMANAGING OUR AFFAIRS.
WHERE IS THE INDEPENDENCE AND THE FREEDOM,if armed robbers are our new(colonial) masters in the country or is BRIBERY AND CORRUPTION THE NEW MEANING FOR INDEPENDENCE & FREEDOM?
I AM SURE KWAME NKRUMAH CONSTANTLY USE TO TURN FROM LEFT TO RIGHT IN HIS GRAVE.
- By: FRANCIS TAWIAH -->Duisburg
More Quotes | Submit a Quote
NEW: Ghana Tourist Villas offers an unforgettable holiday and business experience in Accra.
A Gp0.40 gain by the Ghana Cedi against the euro on Friday caused the Gold Coast Securities (GCS)-Cedi Index to remain flat despite loss against the three other major currencies.
The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, remained unchanged at 106.84 points on Friday.
The cedi gains value when the index goes down and it loses value when the index goes up.
On a whole, the cedis appreciated against the euro by 0.40 GH pesewas but depreciated by 0.05 GH pesewas, 0.09 GH Pesewas and 0.011 GH pesewas against the dollar, the pound and the CFA respectively.
Change for the year to date stands at 2.88 per cent while change base year (July 03 2007) to date is 6.84 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 16, 2008.

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

Dollar 0.9811 1.0011 -0.05
Pound 1.9114 1.9507 -0.09
Euro 1.5197 1.5505 +0.40

Equivalence of currency to one GH¢
CFA 423.05 431.62 -0.011
Source: GNA - Ghana News Agency
Rate This Story »
  Current rating: 0 by 0 users

 Comments To This Article

No comments have so far been submitted. Why not be the first to send us your thoughts?Add your comment

 

GSE All Share Index

Previous (05/11/2009) 5408.65
Current (06/11/2009) 5408.65
       -11.68
Change Year to Date
(Jan 01, 2009 - Nov 06 2009)
-48.26

Inter Bank Rates

Currency Buying(¢) Selling(¢)
Australian Dollar 1.3078 1.3338
CFA 302.2400 307.9500
Canadian Dollar 1.3467 1.3716
Danish Kroner 0.2862 0.2916
WAUA 0.4907 0.4807
Euro 2.1301 2.1703
Dalasi 20.1900 20.5700
Yen 0.0158 0.0161
Naira 113.1700 115.3100
Rand 0.1890 0.1924
S. Kroner 0.2051 0.2088
US Dollar 1.4324 1.4594
Pound Sterling 2.3782 2.4238
Swiss Franc 1.4093 1.4353

All trademarks and copyrights on this page are owned by their respective owners. 2001-2009, © Copyright ModernGhana.com

ModernGhana.com is part of Modern Ghana Media Communication Limited and NigeriaFilms.com