Leave Wampah alone; blame fiscal misadventures

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Yamoto 11 years ago

“The direct competitor of trade is industry. If you promote trade, industry suffers and if you promote industry, trade suffers; but we live in a country where there is only one minister for both; so when that minister goes ...
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“The direct competitor of trade is industry. If you promote trade, industry suffers and if you promote industry, trade suffers; but we live in a country where there is only one minister for both; so when that minister goes to cabinet, which one is he or she going to promote?

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Which sensible banker or manager would say Industry is the Competitor of Trade. He is taking the words of "Industry" and "Trade" very literal.

For his information both compliments each other that is why we have them under the same Ministry!
VOICE OF THE PEOPLE 11 years ago

Any person with average intelligence understands what Frank Adu is saying and rather than focussing on semantics my friend we as a nation should be putting into action some of the solutions offered by him. I still believe how ...
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Any person with average intelligence understands what Frank Adu is saying and rather than focussing on semantics my friend we as a nation should be putting into action some of the solutions offered by him. I still believe however that teh banks can do more to though.
Annorwuo 11 years ago

A literal slant to a very serious matter Frank Adu Jr. is addressing here! Nothing he has said is too far off the mark,and he ought to be commended for bringing this 'problem' to the level of the man on the street! When the f ...
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A literal slant to a very serious matter Frank Adu Jr. is addressing here! Nothing he has said is too far off the mark,and he ought to be commended for bringing this 'problem' to the level of the man on the street! When the floodgates were opened in this country to facilitate the laundering[washing of dirty]money, do you think that was good long-term overall economic policy? Aside that,does the 'wholesale' importation of everything under the sun - from 'horse feathers',toothpicks,peoples` used-undergarments and everything in between, promote the general well-being of the majority in this country,save a few partisan supporters of a regime, who stood to reap monopoly profits?
Before calling Frank Adu names,and putting words into his mouth,think carefully about the parallel he drew with the different units[Credit Operations and Risk Mgmt],working for the same bank,before you accuse him of not knowing what he is talking about!
His simple and straightforward assessment of this 'problem' is correct,regardless what anybody says!
George Amoako-Temeng 11 years ago

Frank should check his facts before making statements. When in 2003 did the Cedi lost from GHC3,000 to GHC6,000? It was in the year 2000 that the Cedi lost from GHC3418 to GHC6615.Pls make sure we say exactly what the facts w ...
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Frank should check his facts before making statements. When in 2003 did the Cedi lost from GHC3,000 to GHC6,000? It was in the year 2000 that the Cedi lost from GHC3418 to GHC6615.Pls make sure we say exactly what the facts were so we dont misguide the reading public
Kwaame 11 years ago

Frank is saying the depreciation of the cedi has been caused by our bad fiscal situation. Probably you should get yourself acquainted what fiscal and monetary policies mean. The governor is being targeted by people who do not ...
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Frank is saying the depreciation of the cedi has been caused by our bad fiscal situation. Probably you should get yourself acquainted what fiscal and monetary policies mean. The governor is being targeted by people who do not understand the issues at hand. Our VP was the recent governor and he has not done his job. The ministry of finance is filled with politicians so they keep coming out with bad policies. The BoG is always forced into a rock and a hard place. The central bank has completely lost its independence. Frank is making a lot of sense and I think you do not understand what you read well.
The nationalist 11 years ago

Debilitating depreciation
06 Feb 2014 | 02:21 PM

The signs were on the wall
The cedi had started to fall
The cedi, once appreciating the dollar
The cedi, now depreciating against the dollar
The dollar is scarce and th ...
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Debilitating depreciation
06 Feb 2014 | 02:21 PM

The signs were on the wall
The cedi had started to fall
The cedi, once appreciating the dollar
The cedi, now depreciating against the dollar
The dollar is scarce and the cedi is scared

The free-fall laid bankrupt thinking bare
Yet no one seemed to care
Until the stench hit the roof
Now the moment of truth
This malaise prayer can’t uproot
The dollar is scarce and we are all scared

Enter Wampah, the banking umpire
Caught dozing on the job
Pants down, he moves like a clown
He wants to save the cedi from going further down
So he says my own money I can’t withdraw
That kind of thinking has a fundamental flaw
The dollar is scarce and Wampah is scared

Wampah must be a joker
I won’t give my strong dollar for his weak cedi
So let it be known to Wampah, the umpire
If he doesn’t give me my dollar, I will need no banker
Under my pillow my dollars will go
Hard dollars he will no longer see
And we shall dread where the cedi will be
The dollar is scarce, we all must be scared
That’s what we get for staying first geared

from atkd.com
AGYABA. 11 years ago

MR ADU, BY SAYING THAT " this is not the first time the currency is falling. “In 2003, the dollar went from ¢3,000 in January to ¢6,000 in December" YOU ARE BEING ACADEMICALLY DISHONEST AND PROPAGATING LIES. IN THE YEAR 2 ...
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MR ADU, BY SAYING THAT " this is not the first time the currency is falling. “In 2003, the dollar went from ¢3,000 in January to ¢6,000 in December" YOU ARE BEING ACADEMICALLY DISHONEST AND PROPAGATING LIES. IN THE YEAR 2001, WHEN THE NPP TOOK OVER GOVERNANCE, THE EXCHANGE RATE WAS ALREADY 5000 CEDIS TO THE DOLLAR AND NOT 3000 CEDIS AS YOU SEEK TO MISINFORM GHANAIANS. THE LATE PROFESSOR MILL EVEN SAID THAT THE RATE WAS 5000 AND THAT THE NPP HAS DONE NOTHING TO STRENGTHEN THE CEIDS. AT THAT TIME THE NPP WAS SAY THEY HAVE STABILIZED THE CEDIS AND LATE MILLS DISAGREED AND THAT WAS HIS RESPONDS SO PLEASE CHECK YOUR FACTS.
Nana Kwadwoe 11 years ago

In addition to Frank's epistle;
What is even worse is the fact that those who braved the odds and started setting up small scale industries were driven bankrupt due to lack of support from the government and hefty taxes impo ...
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In addition to Frank's epistle;
What is even worse is the fact that those who braved the odds and started setting up small scale industries were driven bankrupt due to lack of support from the government and hefty taxes imposed on them. Ghana gives tax holidays to foreigners and holds its people by the neck.
Ghanaians have been taxed even to the extent of taxing for keeping Forex accounts; so what happened? People moved the currencies out of the country causing the BoG to go and buy same currencies they had driven out...
Honestly, as Frank rightly put, we cannot expect the currency to appreciate if we don't develop industry to produce for local consumption thereby reducing our import which translates to reduction in demand for Forex and exporting our surplus to increase Forex inflow to service the remaining demand.
The government should invest in it's people and HELP instead of killing our businesses....
Vilakakalika 11 years ago

Look at the imported cars he rides in town and see what he is saying

Look at the imported cars he rides in town and see what he is saying
GHFUO, nyantakyi, 1/9aa must go ASAP! 11 years ago

have u heard the term.."little drops of water makes a mighty ocean"? if you are TRULY SERIOUS ABOUT THE ECONOMY. YOU WILL PUT IN PLACE TOUGH MEASURES N HAVE THE INTEGRITY N BACKBONE TO FOLLOW THRU ON THEM. German Currency in ...
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have u heard the term.."little drops of water makes a mighty ocean"? if you are TRULY SERIOUS ABOUT THE ECONOMY. YOU WILL PUT IN PLACE TOUGH MEASURES N HAVE THE INTEGRITY N BACKBONE TO FOLLOW THRU ON THEM. German Currency in World War 2 The currency was the Reichsmark (RM), which had replaced the inflationary currecny of 1919-23. In the later stages of World War 2 and the first few months after the war, the Reichsmark lost about 80-85% of its value. As a result many people lost most of their savings a second time. In West Germany a new currency, the Deutsche Mark (DM) was introduced in June 1948 at the rate of 10 RM to 1 DM and 13.5 RM on balances of more than 5,000 RM. The new currency lasted till 1999-2002 when it was replaced by the Euro.
The currency was the "Reichsmark"

Kojo Etse 11 years ago

Thanks for hitting the nail right on the head. Ghanaians just don't like the truth.
If we keep importing toilet roll, tooth pick etc. no government I repeat no government can change the trend. we will only be going in circl ...
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Thanks for hitting the nail right on the head. Ghanaians just don't like the truth.
If we keep importing toilet roll, tooth pick etc. no government I repeat no government can change the trend. we will only be going in circles
KWESI 11 years ago

Your analysis on the relationship between trade and industry alone tells me that you are a complete illiterate as far as economics is concerned.If you say we should not blame the governor for the fall of the cedi then I rest ...
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Your analysis on the relationship between trade and industry alone tells me that you are a complete illiterate as far as economics is concerned.If you say we should not blame the governor for the fall of the cedi then I rest my case Kofi Adu. Thanks God I dont work for you but live in the western world.
KOFI - USA 11 years ago

WHAR ARE FISCAL MISADVENTURES? WHAT DO YOU EXACTLY MEAN BY THAT? THIS IS WHAT IS CALLED MISMANAGEMENT OF THE ECONOMY. SORRY TO SAY THAT YOU ARE CLUELESS. NOBODY IS BLAMING THE GOVT BUT SHOULD HAVE BEEN ABLE TO MANAGE THE SIT ...
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WHAR ARE FISCAL MISADVENTURES? WHAT DO YOU EXACTLY MEAN BY THAT? THIS IS WHAT IS CALLED MISMANAGEMENT OF THE ECONOMY. SORRY TO SAY THAT YOU ARE CLUELESS. NOBODY IS BLAMING THE GOVT BUT SHOULD HAVE BEEN ABLE TO MANAGE THE SITUATION INSTEAD OF THE POOR DECISIONS THEY HAVE BEEN TAKING SUCH AS IF YOU HAVE DOLLARS IN THE BANK YOU WILL WITHDRAW IT IN CEDIS. QUOTE PRICES IN CEDIS YET NPA PAYING FOR RENT IN DOLLARS AND MANY OTHERS. GOVT SHOULD FIX THE ECONOMY INSTEAD OF SPENDING AND BORROWING. BORROWING TO BUY SANITARY PADS AND KOFI ADU YOU ARE TELLING US NOT TO BLAME THE GOVT. YOU ARE GETTING YOUR SHARE SO I AM NOT SURPRISED YOU HAVE THAT KIND OF AN ATTITUDE.
KWAME KWAME 11 years ago

Government through the Ministry of Finance can certainly control imports through reforms in fiscal policy. Take the case of Ethiopia. In Ethiopia you can import anything you want including the fancy cars people drive in the ...
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Government through the Ministry of Finance can certainly control imports through reforms in fiscal policy. Take the case of Ethiopia. In Ethiopia you can import anything you want including the fancy cars people drive in the country, tooth picks, toilet rolls etc. But to control its foreign currency reserves, Government discourages importation of such items into the country by selectively imposing hefty taxes when one imports these items into the country. Of course for this to work, there should be no bending of rules at the customs. The end results is that no one will tell you to stop the importation of these items as it will be unprofitable to do so. Such policies also tend to help promote and grow local industries, thereby creating jobs in the country.
Annorwuo 11 years ago

Comprehend the natural tension that exists between different units operating within the same organization! Is the Sales/Marketing dept[which is in the habit of making unrealistic promises to customers ,in order to boost sales ...
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Comprehend the natural tension that exists between different units operating within the same organization! Is the Sales/Marketing dept[which is in the habit of making unrealistic promises to customers ,in order to boost sales revenues, not always at loggerheads with manufacturing which has to take the flak for not meeting customer demands?
And that of course explains why in any industrial set-up, the operations unit is independent of the sales & marketing division,even though they belong to the same company. Very often, these units operate from different facilities and locations,which makes the differences harder to manage.
Look,there is enough blame to go around for our poor economic performance,since every Tom, Dick and Harry is drenched in corruption,we all cheat,and want the finer things in life without having to break sweat for them!
Tell me,how often do you fail to show up for work and still get paid without a valid excuse?
Lord Tennison 11 years ago

It is undeniable that Dr.Wampah doesn't understand the functioning of the Forex market.Hence the introduction of those mockery directives.
Stabilizing the GHC will depend on a combination of fiscal and monetary policies.John ...
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It is undeniable that Dr.Wampah doesn't understand the functioning of the Forex market.Hence the introduction of those mockery directives.
Stabilizing the GHC will depend on a combination of fiscal and monetary policies.John Mahama and Dr. Wampah acting in concert and timely.
Why the Bank of Ghana is allowing exporters to retain a sizable amount of export proceeds baffles me a great deal.The Bank MUST keep much(80%) of the foreign currencies and give the exporters GHC.We can invest these in foreign government secure bills for additional foreign currencies.
We need to increase our foreign exchange earning capabilities through product and market diversification.
The GHC will continue to depreciate in
response to the slowly but improving USA economy.Because of the GHC's peg to the USD.Only fiscal and monetary policies can be employed to soften the blow.
If Ghana is to come out of this self-imposed economic mess,our import bill must be drastically reduced.

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Leave Wampah alone; blame fiscal misadventures

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