Ghana Cedi recovers slightly but falls to dollar

ghana_cedi.jpgThe Ghana Cedi continues to fall to the dollar
but recovered 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. hange for the
year to date stands at 4.36 %, while change base year (July 03 2007) to
date is 8.38 %.

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 %  since its base year.