Ghana cedi to remain strong - BoG

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• BENASATO,LONDON. 12 years ago

  WELL DONE,BANK OF GHANA. KEEP IT UP.

  WELL DONE,BANK OF GHANA. KEEP IT UP.

  reply
• Mahmoud 12 years ago

  It is you and I who put value on money.
  Weak govt. and dirty cedis amount to depreciation.

  It is you and I who put value on money.
  Weak govt. and dirty cedis amount to depreciation.

  reply
• William Sorkpor, USA 12 years ago

  We, as a nation: cannot build a strong economy; and bring prosperity to the masses by spinning bad news.
  
  Granted, the cedi is gaining some grounds, but this only brings up the following question:
  
  At the expense o ...
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  We, as a nation: cannot build a strong economy; and bring prosperity to the masses by spinning bad news.
  
  Granted, the cedi is gaining some grounds, but this only brings up the following question:
  
  At the expense of what?
  
  The answer to this question, -- as suggested in the Governor's report -- is very disturbing.
  
  The Governor on the other hand has chosen to put a straight face on the problem.
  
  The report is suggesting that, although the cedi is gaining grounds, that gain is not due to a symmetrical growth in GDP. It is rather at the expense of the expected growth in oil production, and to the detriment of our other foreign-exchange earners.
  
  In perspective: the Governor's report indicates that, our foreign reserves declined from US$5.4 to US$5.2 billion; and also that, this is attributable to declines in trade.
  
  In essence our nation's GDP shrank by at least US$200m. This is not good enough, -- for a government charged with the task of a nation-building.
  
  With this kind of downward trend how can our government assure the masses any kind of economic development, and prosperity?
  
  As disturbing as this downward trend in our nation's economy is; the Governor of BoG has deliberately decided to put a straight face on the problem. He would not face it squarely, and turn the declines around now. He would rather prefer to kick the can down the road.
  
  He is relying on the expected increase in oil production to make up for losses from our other foreign-exchange earners. This is not economically prudent. It would only lead to over-exposure of our oil revenues. Such an unwise exposure would only turn the blessings of our oil production into a curse.
  
  It is wrong for the Governor of BoG to think that, we can neglect trade declines in our other industries, because we have oil. It is bad economics.
  
  It is the job description of any professional to identify, and fix problems before they manifest themselves.
  
  The downward trend of our nation's other foreign-exchange earners cannot be masked with revenues from oil production.
  
  Ghanaians deserve a better economic thinking than this kind of simplistic measures,-- that only serve to kick our problems down the road.
  
  May Lord Almighty continue to bless our beloved Great Ghana: Amen!!!

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• Concerned 12 years ago

  Ghana's economy is one of the worst in the world currently. Issues that hold the economy down include high unemployment, higher debt, and even worse spending (trade deficit). Ghana cedi to "remain" strong is a joke - a strong ...
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  Ghana's economy is one of the worst in the world currently. Issues that hold the economy down include high unemployment, higher debt, and even worse spending (trade deficit). Ghana cedi to "remain" strong is a joke - a strong currency requires a strong economy and by all measures, Ghana does not have that currently.
  
  Instead of making big sounding declarations for the cameras, i wish someone would stand-up and be realistic about the issues we're facing. What's the point of having an independant Central Bank if all it does is play the lip-service games we see in politics. Shame!

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• Jay+++++++++++London 12 years ago

  NDC is so obsessed with our oil money they are using oil money to fill the gap of their economic incompetence in the form of trade deficits.
  
  Before oil production, Ghana was hitting Over 8 percent GDP. Yet under these lou ...
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  NDC is so obsessed with our oil money they are using oil money to fill the gap of their economic incompetence in the form of trade deficits.
  
  Before oil production, Ghana was hitting Over 8 percent GDP. Yet under these loud mouthers we are hitting 6 percent inclusive of the oil revenue.
  
  These NDC people themselves know they are a stumbling block to our smooth progress to nation development.
  
  Remember the taste of the pudding is in the eating so no amount of words our excuses will save you lot from the history of this nation.
  
  NDC -- the nation wreckers.

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• GOOSH 12 years ago

  HOW WILL THE CEDI STAY STRONG, WHAT A LIE IF GHANA IMPORTS EVERYTHING EVEN FOOD IN TROPICAL COUNTRY LIKE GHANA ALL YEAR ROUND IRRIGATION, HIGHLY MECHANIZED FARMING. LAZY LEADERS AND POOR ECONOMIC MANAGEMENT

  HOW WILL THE CEDI STAY STRONG, WHAT A LIE IF GHANA IMPORTS EVERYTHING EVEN FOOD IN TROPICAL COUNTRY LIKE GHANA ALL YEAR ROUND IRRIGATION, HIGHLY MECHANIZED FARMING. LAZY LEADERS AND POOR ECONOMIC MANAGEMENT

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• Dr Robert K Glah 12 years ago

  industrialise to make the Cedi strong:
  cut out imports of food and clothes which we can produce at home, even for export.
  
  Protect foreign direct capital investment and stop tax avoidance and the excess
  
  Get the prioriti ...
  read full comment

  industrialise to make the Cedi strong:
  cut out imports of food and clothes which we can produce at home, even for export.
  
  Protect foreign direct capital investment and stop tax avoidance and the excess
  
  Get the priorities right

  reply