Ghana Cedi recovers slightly to the dollar

The Ghana Cedi on Monday opened the week with a slight recovery against the dollar, but its' lost to the pound pushed further up, the Gold Coast Securities (GCS)-Cedi Index by 0.06 points.
The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, went up at 110.13 points on Monday from 110.07 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 GH Cedi gained 0.02 GH pesewas and 0.49 GH pesewas to the dollar and the euro respectively, but lost 1.22 GH pesewas to the pound and 0.012 GH pesewas to the CFA.
Change for the year to date stands at 6.04 per cent while change base year (July 03 2007) to date is 10.13 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 30, 2008. Currency Buying Selling Depreciation/Appreciation
(GH¢) (GH¢) (Gp) Dollar 1.0061 1.0363 +0.02
Pound 2.0076 2.0682 -1.22
Euro 1.5898 1.6116 +0.49 Equivalence of currency to one GH¢
CFA 407.02 412.61 -0.012