Ghana Cedi falls to dollar again
Accra, June 25, GNA - The Ghana Cedi on Wednesday lost again, but slightly to the US dollar and the euro to push further up, the Gold Coast Securities (GCS)-Cedi Index by 0.04 points.
It appreciated, however, to the Pound and the CFA.
The Index, the composite measure of the value of the Ghana cedi against the Dollar, Pound, CFA and the Euro, went up at 109.68 points on Wednesday from 109.61 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 GH Cedi lost 0.08 GH pesewas and 0.06 GH pesewas to the dollar and the euro respectively, but gained 0.08 GH pesewas and 0.002 GH pesewas to the CFA.
Change for the year to date stands at 5.60 per cent while change base year (July 03 2007) to date is 9.68 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 Wednesday, June 25, 2008.
Currency Buying Selling Depreciation/Appreciation
(GH¢) (GH¢) (Gp)
Dollar 1.0065 1.0346 -0.08
Pound 1.9787 2.0345 +0.08
Euro 1.5648 1.6084 -0.06
Equivalence of currency to one GH¢
CFA 407.82 419.20 +0.002