Ghana’s cedi is world’s weakest currency

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CHA 11 years ago

NDC and Mahama must go

NDC and Mahama must go
AOV 11 years ago

What a shame. He must resign.

What a shame. He must resign.
Whatever 11 years ago

That fact that your cedi falls doesn't mean is good or bad. What determines whether is good or bad is your ability or inability to take advantage of it. If Ghana were to increase the volume of exports it will be good for if t ...
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That fact that your cedi falls doesn't mean is good or bad. What determines whether is good or bad is your ability or inability to take advantage of it. If Ghana were to increase the volume of exports it will be good for if the cedi is low, it will increase productivity and create jobs. If we maintain the quo or increase importation then it will be bad. It all depend on the economic policy and direction of the Government of the day. The cedi was performing worse under Kufour than it is today, so by your own logic, your own Kufour more than destroyed Ghana
Gye Nyame 11 years ago

@Whatever: Clueless just like your paymasters. No wonder the country is in a nose dive. Baseless comment.

@Whatever: Clueless just like your paymasters. No wonder the country is in a nose dive. Baseless comment.
OBAA YAA 11 years ago

Headline news like this “Ghana’s cedi is world’s weakest currency” amount to crime of betrayal
Yes, a crime of betrayal because betrayal has a cruel sting. When you are betrayed, it is like your trust ring has been ...
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Headline news like this “Ghana’s cedi is world’s weakest currency” amount to crime of betrayal
Yes, a crime of betrayal because betrayal has a cruel sting. When you are betrayed, it is like your trust ring has been pulled right out from you. Any form of betrayal is very hurtful. Especially, when act of betrayal is administer by the people put in authority. By the incompetency these “school boys and girls” have let down our beloved country. They have destroy KU4’s a sound economic process. Therefore, charges of destroying the pace of economy must be leveled against them ……
NEMESIS RADAR, UK!! 11 years ago

Ghana=1 medal Naija=30 medals and more to follow.

Ghana=1 medal Naija=30 medals and more to follow.
Twum Barimah 11 years ago

What kind of wicked and cruel topic?
Some of you are full of absurd and preposterous malice. Do you people want to say Ghana's Cedi is worst off than Zibabweans' currency, Sierra Leone's Leones, Guinea's Celi, just to mentio ...
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What kind of wicked and cruel topic?
Some of you are full of absurd and preposterous malice. Do you people want to say Ghana's Cedi is worst off than Zibabweans' currency, Sierra Leone's Leones, Guinea's Celi, just to mention a few?
You should stop writing all kinds of nonsense, if you don't have anything to write.
Stop destroying your own country's image. Not all Ghanaians are illiterate and dump like you. Some of us are tired of your nonsensical and sensational writings! Pure Nonsense and hogwash!
Moses 11 years ago

Your earlier point is more valid than the later lie that the cedi is doing better now than it did under Kufour.If you want to be taken seriously stick to facts and stay away from the gutters? You are absolutely right to point ...
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Your earlier point is more valid than the later lie that the cedi is doing better now than it did under Kufour.If you want to be taken seriously stick to facts and stay away from the gutters? You are absolutely right to point out a beneficial factor in a devalued currency, unfortunately we do not have the manufacturing output to take advantage of this.If we already had an industrialized economy then we could have flooded the ports of our trading partners but as it holds now Ghana is an importing Country.We export I tonne of Cocoa and imports 5 tonnes of cocoa finished products.Things have to change and it will start with people like us coming together to demand change from the Government.
okofo 11 years ago

We're NOT under Kufour's gov't my friend. Stop comparing in this manner: Ghanaians moved on for the better from where Kufour left, so if NDC cannot move the country further from where Kufour left it, then the gov't is SIMPLY ...
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We're NOT under Kufour's gov't my friend. Stop comparing in this manner: Ghanaians moved on for the better from where Kufour left, so if NDC cannot move the country further from where Kufour left it, then the gov't is SIMPLY not good. Ghanaians are not reversing to compare the present to yesterday's economy. Ghana doesn't have a responsible gov't at the moment, and this is FACT any truthful person will affirm.
SARPONG 11 years ago

If we maintain what? Quo? You can't even speak or write English and you don't seem to understand Economics either. IT'S STATUS QUO, meaning doing the same thing over and over.

The cedi depreciation is not good for Ghana a ...
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If we maintain what? Quo? You can't even speak or write English and you don't seem to understand Economics either. IT'S STATUS QUO, meaning doing the same thing over and over.

The cedi depreciation is not good for Ghana as an importing country and exporter of raw materials and not manufactured goods. It takes an average of five years for cocoa to bear fruits and limit to gold and oil.

Go and study price and commodity elasticities before you a fool of yourself on a subject you don't have any clue about.

If the depreciation of the cedi is good, why is your ndc administration trying to stop it? Do you think you are talking to ndc fool soldiers?

Whatever 11 years ago

When one is using a word within clear INFORMAL context, you don't need to pronounce the word in full so long as the person reading or listening will understand its coded meaning. That is what INFORMAL language entails. Commen ...
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When one is using a word within clear INFORMAL context, you don't need to pronounce the word in full so long as the person reading or listening will understand its coded meaning. That is what INFORMAL language entails. Comments are to be informal and I'm right to term status quo, a 'quo' so long as you or any of your clueless NPP mummies or should I say Zombies, understands it that way and which it appears you did. Comments are not like the often frivolous articles you write for it to be couched in formal language all the time.

Price and commodity elasticity? This elementary economics is what you throw before me? How changes in supply or demand of a commodity causes changes in price? Are you for real? Do you know the kinds of things I have studied and passed with distinction? Your level is too low for
GAbaa 11 years ago

In economics we have something call "in the long run" when all resources are variable, that's when you can take advantage in currency fluctuations but not in the shot run when all your circumstances are fixed.

In economics we have something call "in the long run" when all resources are variable, that's when you can take advantage in currency fluctuations but not in the shot run when all your circumstances are fixed.
Baba 11 years ago

Just the few comments I read proved that Ghana has too many economists with divergent views and interpretations of economic theories. That is probably the reason we can't get the ecominy, sorry economy right.

Just the few comments I read proved that Ghana has too many economists with divergent views and interpretations of economic theories. That is probably the reason we can't get the ecominy, sorry economy right.
NII OTU 11 years ago

Blame our opposition parties for using the Cedi depreciation as their campaign messages.
WHAT THEY SHOULD THAT THE CEDI MAY STABILIZED AND THEIR CAMPAIGN MESSAGES WILL BE DEAD.

Blame our opposition parties for using the Cedi depreciation as their campaign messages.
WHAT THEY SHOULD THAT THE CEDI MAY STABILIZED AND THEIR CAMPAIGN MESSAGES WILL BE DEAD.
Kwasi Asante , Providence, R.I. 11 years ago

People like you are those who voted for NPP when you were drunk or bribed. The Cedi was a stabilized currency at 1.56 cedis to a dollar under Kuffuor. In fact the rate stood firm for the last two years of Kuffuor regime.
Re- ...
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People like you are those who voted for NPP when you were drunk or bribed. The Cedi was a stabilized currency at 1.56 cedis to a dollar under Kuffuor. In fact the rate stood firm for the last two years of Kuffuor regime.
Re-examine your head and set your priorities. Whether you love NPP or Ghana.
Mensah 11 years ago

If the cedi stabilized under Kufour, why should that be bad for people not to vote for NPP?

If the cedi stabilized under Kufour, why should that be bad for people not to vote for NPP?
SARPONG 11 years ago

The reasons for the cedi depreciation is numerous and that is why it is going to be difficult to get this problem under control.

First, the government has increased the volume of the cedi circulation by printing more than ...
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The reasons for the cedi depreciation is numerous and that is why it is going to be difficult to get this problem under control.

First, the government has increased the volume of the cedi circulation by printing more than one billion cedis to meet workers agitations for pay increase and paying for services.

Second, the Banking laws that allowed the Nigerians and other foreigners to open Banks in Ghana. These BANKS ARE SIPHONING THE SCARCE foreign currencies in the system.

Third, the Chinese Galamsey Operators and Traders are sending large volumes of dollars each day to China.

Fourth,The imbalance of the import and export trade. This problem might correct itself in the short term as Traders are now losing money importing goods due to the high cedi exchange rate as compared to foreign currencies. Many Traders have already suspended importing goods.
SARPONG 11 years ago

CORRECTION

The reasons for the cedi depreciation is numerous and that are why it is going to be difficult to get this problem under control.

First, the government has increased the volume of the cedi circulation by pr ...
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CORRECTION

The reasons for the cedi depreciation is numerous and that are why it is going to be difficult to get this problem under control.

First, the government has increased the volume of the cedi circulation by printing more than one billion cedis to meet workers agitations for pay increase and paying for services.

Second, the Banking laws that allowed the Nigerians and other foreigners to open Banks in Ghana. These BANKS ARE SIPHONING THE SCARCE foreign currencies in the system.

Third, the Chinese Galamsey Operators and Traders are sending large volumes of dollars each day to China.

Fourth,The imbalance of the import and export trade. This problem might correct itself in the short term as Traders are now losing money importing goods due to the high cedi exchange rate as compared to foreign currencies. Many Traders have already suspended importing goods.
QUEEN 11 years ago

FOR HEAVEN'S SAKE, FOR CHRIST SAKE MAHAMA NEEDS TO LEAVE THE PRESIDENCY. WHY SHOULD THIS INCOMPETENT, PATHETIC, HALUCINATING, CLUELESS MAN WHO APPOINTED IGNORANT, UNKNOWLEDGEABLE, ARROGANT SCHOOL BABIES WITH SHARP TEETH MAKE ...
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FOR HEAVEN'S SAKE, FOR CHRIST SAKE MAHAMA NEEDS TO LEAVE THE PRESIDENCY. WHY SHOULD THIS INCOMPETENT, PATHETIC, HALUCINATING, CLUELESS MAN WHO APPOINTED IGNORANT, UNKNOWLEDGEABLE, ARROGANT SCHOOL BABIES WITH SHARP TEETH MAKE GHANAIANS SUFFER LIKE THIS?MAHAMA, DO THE HONORABLE THING AND RESIGN ASAP.
Whatever 11 years ago

How was the cedi performing under Kufour? it was so bad that re-denomination had to be done to hide some of the zeroes

How was the cedi performing under Kufour? it was so bad that re-denomination had to be done to hide some of the zeroes

Nii Akwei 11 years ago

Don't go there.

Don't go there.
SARPONG 11 years ago

Your comment shows how illiterate you are. No sense trying to educate a dog how to accept soap as food, it will never happen.

Your comment shows how illiterate you are. No sense trying to educate a dog how to accept soap as food, it will never happen.
Tibaa 11 years ago

Bravo!!!

Bravo!!!
Coconuthead 11 years ago

I AM SORRY TO SAY GHANA'S CURRENCY IS NOT THE WEAKEST IN THE WORLD? On what basis was such a ridiculous and presumptuous conclusion reach?

I AM SORRY TO SAY GHANA'S CURRENCY IS NOT THE WEAKEST IN THE WORLD? On what basis was such a ridiculous and presumptuous conclusion reach?
Botha 11 years ago

Reached not reach? Based on the percentage of depreciation?

Reached not reach? Based on the percentage of depreciation?
Gye Nyame 11 years ago

It is pathetic the cluelessness shown by this crop of leaders headed by Mahama. You have clueless leaders the country suffers. We are heading for the cliff and no one cares or has the guts to do what is right. What a shame!

It is pathetic the cluelessness shown by this crop of leaders headed by Mahama. You have clueless leaders the country suffers. We are heading for the cliff and no one cares or has the guts to do what is right. What a shame!
HolyGhost 11 years ago

Ghana's currency is the weakest, Mahama is clueless,is all in the eyes of npp suppoters, the party of sabotuers trying to bring the country down,all just because they failures

Ghana's currency is the weakest, Mahama is clueless,is all in the eyes of npp suppoters, the party of sabotuers trying to bring the country down,all just because they failures
Gye Nyame 11 years ago

Making the wrong assumption that I support NPP, wait for the next administration to come and see if I let them off the hook. I support Ghana and that is it. Just saying the truth, that is all.

Making the wrong assumption that I support NPP, wait for the next administration to come and see if I let them off the hook. I support Ghana and that is it. Just saying the truth, that is all.
George, Kumasi 11 years ago

Pls leave President Mahama alone and go and look for job.

Pls leave President Mahama alone and go and look for job.
Theophilus 11 years ago

Where is that stupid akpeteshie trokosi Corney?

Where is that stupid akpeteshie trokosi Corney?

MR MAN 11 years ago

Who will buy an Eurobond from a bankcrupt country with a worthless currency?

Who will buy an Eurobond from a bankcrupt country with a worthless currency?
Frank Agyena-Karikari 11 years ago

Is that why Mahama wants to run to China with our begging cup for shylock loans? The Chinese are worse off when it comes to being fist-handed with with their money and have higher interest rates and conditions. Terkper admitt ...
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Is that why Mahama wants to run to China with our begging cup for shylock loans? The Chinese are worse off when it comes to being fist-handed with with their money and have higher interest rates and conditions. Terkper admitted to it when he said the Chinese are asking for too much.
When will Mahama LISTEN TO OBIARA and put experienced people at right places instead of the school boys?
Baba 11 years ago

Bank of Ghana should keep an eye on the operations of those mushroom banks that sprung up when NPP came to power. They are syphoning all kinds of currencies they can lay their hands on in order to put blame on NDC.

Bank of Ghana should keep an eye on the operations of those mushroom banks that sprung up when NPP came to power. They are syphoning all kinds of currencies they can lay their hands on in order to put blame on NDC.
Germany 11 years ago

See a Fool, will always be a Fool, he can Never learn Or change cause is inside Ur useless Patents dna and u were Born with it. U assholes NDC will Even vote for a DOG Or CAT be President. I know u nasty NDC are people are NO ...
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See a Fool, will always be a Fool, he can Never learn Or change cause is inside Ur useless Patents dna and u were Born with it. U assholes NDC will Even vote for a DOG Or CAT be President. I know u nasty NDC are people are NOT Part of humans. Mahama Or what ever , u are too Greedy and fucken dog eater Ur days are numbered .
Coconuthead 11 years ago

Wow, you really have a problem, don't you. Did you get the chance to make a point in that posting of yours.

By the way, what are you doing in Germany? Your "brilliance" should suffice to lead you home to Ghana to correct ...
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Wow, you really have a problem, don't you. Did you get the chance to make a point in that posting of yours.

By the way, what are you doing in Germany? Your "brilliance" should suffice to lead you home to Ghana to correct all the economic maladies facing the country. Or you do not have an ounce of grey matter under your skull? Which one is it?
Baba 11 years ago

Just write German! some of us won't understand a thing but it will be no different from the English you have written. Sorry.

Just write German! some of us won't understand a thing but it will be no different from the English you have written. Sorry.
moyo 11 years ago

President Kuffour allowed these mushroom banks in the system and they are the one undermining govt effort to stabilize the currency. Govt should review the activities of these banks to ensure they operate within banking regul ...
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President Kuffour allowed these mushroom banks in the system and they are the one undermining govt effort to stabilize the currency. Govt should review the activities of these banks to ensure they operate within banking regulations
KnYc(USMC) 11 years ago

You need your brain to be check. Lack of LEADERSHIP on NDC part is the cause of it. There are too many MORONS in NDC decision making.

You need your brain to be check. Lack of LEADERSHIP on NDC part is the cause of it. There are too many MORONS in NDC decision making.
Frank Agyena-Karikari 11 years ago

Have you considered the level of corruption, mismanagement and irresponsibility going on now? How much has this government borrowed and how much was paid to serve those debts. Mahama has put many squared pegs in round holes. ...
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Have you considered the level of corruption, mismanagement and irresponsibility going on now? How much has this government borrowed and how much was paid to serve those debts. Mahama has put many squared pegs in round holes. The praise singers and those whose bread are well buttered by the government and some political ignoramus and sycophants will always support the government. I believe that it is the Government in Power that must mostly be held by the balls to do the right thing.
Frank Dodam 11 years ago

Fellow country the world economy woke up to the challenges that came to be known as economic melt down , recession etc the world did not go around blaming leaders .
When faced with a difficult situation one needs to step ba ...
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Fellow country the world economy woke up to the challenges that came to be known as economic melt down , recession etc the world did not go around blaming leaders .
When faced with a difficult situation one needs to step back and and think creatively.
The Ghana cedi will never be the weakest currency on earth no matter how some Ghanaian aspire for Ghana to achieve this mark .
It is a shame that the opposition forces want to see the nation go down and down so that they can achieve what they want .
WAKE UP AND THINK
Tibaa 11 years ago

Trust me, if Mahama is not careful, psychological factors structured around our weakening currency will set it to lead Ghana into a collapsed economy.

When the basics are wrong, self-reinforcing tendencies will assume logi ...
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Trust me, if Mahama is not careful, psychological factors structured around our weakening currency will set it to lead Ghana into a collapsed economy.

When the basics are wrong, self-reinforcing tendencies will assume logic of its own to set our money into oblivion.

I am not surprised since we have an antiquated accountant, and a retrenched USA bank teller leading our economic and financial management

I hereby renounce my citizenship.
Tibaa 11 years ago

The PRESS in GHANA must be careful in their reportage on Ghana's currency. If they continue to portray a picture of irreversible collapse, the world will act in that direction and hasten the eventual currency meltdown.

The PRESS in GHANA must be careful in their reportage on Ghana's currency. If they continue to portray a picture of irreversible collapse, the world will act in that direction and hasten the eventual currency meltdown.
BALLOT PAPER 11 years ago

And instead of the Mahama NDC gov't putting in place measures to boost confidence in the economy and the currency to prevent capital flight, they are rather using "macho measures" to keep FX in the country. What a tragic joke ...
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And instead of the Mahama NDC gov't putting in place measures to boost confidence in the economy and the currency to prevent capital flight, they are rather using "macho measures" to keep FX in the country. What a tragic joke of economic management. They should step down and spare Ghanaians this cluelessness.
EZEKIEL 11 years ago

Those of us who have NO REAL understanding of Economics should just KEEP their mouths SHUT and at LEAST listen to those who have an understanding of it !!!
Mahama ALONE CANNOT "raise" the VALUE of thre CEDI!!

Those of us who have NO REAL understanding of Economics should just KEEP their mouths SHUT and at LEAST listen to those who have an understanding of it !!!
Mahama ALONE CANNOT "raise" the VALUE of thre CEDI!!
Tibaa 11 years ago

"Raising" the value of the cedi is not a physical activity that demands all hands on deck: it is through good policies and strategic financial management to which the bucks stop with the President.

"Raising" the value of the cedi is not a physical activity that demands all hands on deck: it is through good policies and strategic financial management to which the bucks stop with the President.
yaw 11 years ago

that's true, if 200 euro is 10 million old Ghana cedis, it's a shame at large, i support NDC and full kotoko man but it's time they let the seat to another party so the nation could move forward and if the nation goes on in ...
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that's true, if 200 euro is 10 million old Ghana cedis, it's a shame at large, i support NDC and full kotoko man but it's time they let the seat to another party so the nation could move forward and if the nation goes on in good shape, it's for our own good.
Kwadwo Dwumor 11 years ago

Opposition to NDC had tried energy,the "Dumsor" is gone, they have tried Water, and water is back,they've tried strike/demonstrations,Mahama is MAHAMA. now the CEDI - GHANAIANS !!! THE cedi will rise soon,from Europe we are ...
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Opposition to NDC had tried energy,the "Dumsor" is gone, they have tried Water, and water is back,they've tried strike/demonstrations,Mahama is MAHAMA. now the CEDI - GHANAIANS !!! THE cedi will rise soon,from Europe we are watching you. Onyame bekyere !!!!!!!
G. K. Berko 11 years ago

We should not overlook the possibility of a unified concerted effort to drag our Currency down, and with the NDC Administration. I know this may sound idiotic to many who are conspiracy averse.

But despite the fact the ...
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We should not overlook the possibility of a unified concerted effort to drag our Currency down, and with the NDC Administration. I know this may sound idiotic to many who are conspiracy averse.

But despite the fact the Mahama Administration has not done much to lift the Economy out of its mess, and offer the Cedi the chance to pick up weight, a certain set of indications on the periphery strongly suggest a determined persistence to keep the Cedi's downward trend.

If it is not Political, it sure could be a financial collaboration to tank our Economy. We should ask how come Bloomberg is suddenly very interested in publishing the value of our Cedi and its trajectory?

The other day, it was the Forbes Fisher Reporter mutilating our investment environment and more. I have still not found any exhaustive analysis that explains the stagnation of our Economy in any of these specialty reportage, or recommended measures to pull us out from the mess. But folks should wait and see when and how that may come to pass in the foreseable future.

I know our Economy itself is of little value to the overall game-plan of Bloomberg, Forbes and their other partners. But these have specific reasons to focus on Ghana in recent times. We cannot claim any significant wave of Western Investments into the Country to deserve such an attention from these financial Media. However, there could be a reason for their heightened interest since a few years back.

So, let every concerned Ghanaian not only keep pressure on Mahama's underperforming Administration but other also keep one eye open, even if sleeping to identify the possible collaboration of these financial houses to drag the Cedi and our Economy down so fast.

Long Live Ghana!!!
Gye Nyame 11 years ago

My friend we are doing it to ourselves, no conspiracy theory here. You sound like the bad workman who complains about his tools.

My friend we are doing it to ourselves, no conspiracy theory here. You sound like the bad workman who complains about his tools.
slow 11 years ago

ghenyame don't even mind that low thinker. he is a typical African who will always blame his woes on external influence when in fact he has never had leaders but rulers who simply are imbeciles.Africans are always blaming e ...
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ghenyame don't even mind that low thinker. he is a typical African who will always blame his woes on external influence when in fact he has never had leaders but rulers who simply are imbeciles.Africans are always blaming external forces when we are to a large extent the cause of our problems.we are not the only people who were colonised. the Malaysians ,the Indians and many more were also colonised but they rose above that to become what they are today. the worst atrocities ever committed against any human race in the last century was against the Jews in the second world war by European Nazis.yet the Jews saw this as a wake up call to rise up and become one of the most powerful countries in the world. we should learn from such countries rather than blaming others
DusTY-FooT-pHiloSophER 11 years ago

WORLD'S WORST CURRENCY DROP AS GHANA PULLS BACK FROM IMF AID

By Moses Mozart Dzawu and Robert Brand Jul 30, 2014 4:03 PM GMT+0200

Ghana’s cedi, the world’s worst-performing currency this year, weakened as the gover ...
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WORLD'S WORST CURRENCY DROP AS GHANA PULLS BACK FROM IMF AID

By Moses Mozart Dzawu and Robert Brand Jul 30, 2014 4:03 PM GMT+0200

Ghana’s cedi, the world’s worst-performing currency this year, weakened as the government ruled out an International Monetary Fund bailout, stoking concern it will miss targets to narrow a budget deficit.

The currency retreated for the first time in five days against the dollar, dropping as much as 6.4 percent, after Deputy Finance Minister Mona Quartey said the government of the world’s second-biggest cocoa producer plans to sell a third Eurobond next month rather than take IMF aid. Returns on Ghana’s dollar debt are the lowest in Africa this year, according to Bloomberg indexes.

Some investors “don’t have the full confidence in the government’s home-grown policy because steps that have already been implemented have not yielded expected results,” Elvis Darku, head of fixed-income trading at Access Bank Ghana Ltd., said by phone today. “Those traders disappointed that the government was no longer looking at an IMF bailout probably started bidding the cedi lower.”

Finance Minister Seth Terkper opened the door to IMF support earlier this year as slumping earnings from gold, cocoa and oil, the country’s biggest exports, curbed revenue, according to the Bank of Ghana. Terkper revised the 2014 fiscal deficit target to 8.8 percent of gross domestic product from 8.5 percent and increased spending by 3.2 billion cedis ($873 million) on July 16, while saying power cuts, inflation and the weak cedi are curbing growth. The gap was 10.1 percent in 2013.

“We’re not considering an IMF loan at this time,” Quartey said by phone yesterday. Plans to sell $1.5 billion in Eurobonds are “part of a home-grown strategy to stabilize the cedi,” she said.

Inflation Threat

The cedi weakened 6.2 percent to 3.6651 per dollar as of 1:47 p.m. in Accra, the capital, extending losses this year to 33 percent. Yields on the nation’s Eurobonds due August 2023 rose two basis points, or 0.02 percentage point, to 8.23 percent. Ghanaian dollar debt returned 5.3 percent this year, less than the 9.3 percent emerging-market average, according to Bloomberg indexes. Ghana will start marketing its next issuance by the end of August, Quartey said.

“If they could get IMF support that would be a much more sustainable solution” in helping to stem a drop in the cedi, Melissa Verreynne, an analyst at NKC Independent Economists in Paarl, South Africa, said by phone today. The proceeds from a Eurobond sale would provide only temporary support to the currency, she said.

Traders who sold the cedi today “would have preferred an IMF financing since that was going to come with fiscal discipline,” Darku said. In 2009, when Ghana entered a three-year IMF program that included about $600 million of loans, the Washington-based lender included targets to reform taxes and revenue collection and reduce subsidies on power and gasoline.

Delayed Goals

In July 2012, the IMF said Ghana missed targets on the budget deficit and reserves and delayed meeting goals on auditing the payroll and integrating tax offices.

Companies in Ghana are battling because of the weakening currency that pushed the inflation rate to 15 percent in June, a 10th straight month of increases. Produce Buying Co., the country’s largest purchaser of cocoa from farmers, said last week it delayed plans to borrow $30 million from France’s development agency as the cedi’s slide threatened to boost repayment costs.

To contact the reporters on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net; Robert Brand in Cape Town at rbrand9@bloomberg.net
Ishimoto 11 years ago

Nation reckers

Nation reckers
Sea 11 years ago

If Ghana's cedi is the weakest currency in the world, who caused it? Knocking off four zeroes from the old cedis by NPP wicked economists has caused all this. SHAME UNTO ALL NPP WICKED ECONOMIST WHO DID THIS.

If Ghana's cedi is the weakest currency in the world, who caused it? Knocking off four zeroes from the old cedis by NPP wicked economists has caused all this. SHAME UNTO ALL NPP WICKED ECONOMIST WHO DID THIS.
VIOLA 11 years ago

They knocked off 4 zeros, so add the 4 zeros and viola, it is fixed. What a joke!!!

They knocked off 4 zeros, so add the 4 zeros and viola, it is fixed. What a joke!!!
Say the TRUTH 11 years ago

LET THEM REMAING IN THEIR ECONOMIC STUPIDITY ON THE ZERO THEOREIS PROPOUNDED BY THEIR GOD FATHER JJ AND OTHE STUPID ECONOMIST/FINANCE EXPERTS THEY HAVE!!!!

NO WONDER THEY ARE IN THE DEEP SHIT AND WILL CONTINUE TO REMAIN TI ...
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LET THEM REMAING IN THEIR ECONOMIC STUPIDITY ON THE ZERO THEOREIS PROPOUNDED BY THEIR GOD FATHER JJ AND OTHE STUPID ECONOMIST/FINANCE EXPERTS THEY HAVE!!!!

NO WONDER THEY ARE IN THE DEEP SHIT AND WILL CONTINUE TO REMAIN TILL THEY ARE BOOTED OUT EITHER BEFORE THE 4 YR RULE OF IF GOD BE GRACIOUS TO THEM THAN TO PUNISH ALL GHANAIANS TILL 2016!!!
frenest 11 years ago

So how were you going to manage the situation where you had carry a bag load of notes to buy simple items like bread and other provisions from the market?

So how were you going to manage the situation where you had carry a bag load of notes to buy simple items like bread and other provisions from the market?
Tibaa 11 years ago

“We are not considering an IMF loan at this time,” Deputy Finance Minister Mona Quartey said by phone yesterday.

Will this bank-teller turned minister shut-up for a moment? What do you know about development economics, ...
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“We are not considering an IMF loan at this time,” Deputy Finance Minister Mona Quartey said by phone yesterday.

Will this bank-teller turned minister shut-up for a moment? What do you know about development economics, or better still, political-economy of development?

You are not considering it now, BUT you will go for it later with more STRINGENT CONDITIONALITIES.

What a fool!!!!
Ebibiman 11 years ago

Funny people

Funny people
foolish man 11 years ago

foolish man mahama

foolish man mahama
Whatever 11 years ago

Those NPP unschooled traders who won't produce but prefer to travel to China and Dubai week in and week out buy and import all manner of things into the country should cut down on the imports

Those NPP unschooled traders who won't produce but prefer to travel to China and Dubai week in and week out buy and import all manner of things into the country should cut down on the imports
SARPONG 11 years ago

Idiot, what is the government there for? If what they import is not wanted, the government can ban them as it did on used refrigerators.

Idiot, what is the government there for? If what they import is not wanted, the government can ban them as it did on used refrigerators.
Joe Pasaasa 11 years ago

Mahama is an epic failure. He must go to save Ghana from imploding.

Anyone who votes for Mahama and NDC is a wicked enemy of Ghana's progress.

Mahama and NDC are urinating on the faces of Ghanaians telling them it is ra ...
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Mahama is an epic failure. He must go to save Ghana from imploding.

Anyone who votes for Mahama and NDC is a wicked enemy of Ghana's progress.

Mahama and NDC are urinating on the faces of Ghanaians telling them it is raining. They are disgusting.
kaketonti 11 years ago

What did you achieve by insulting the President,Mr Mahama?Politics is the competition of ideals.Just read the orderly comment of others.Be wise and responsible.

What did you achieve by insulting the President,Mr Mahama?Politics is the competition of ideals.Just read the orderly comment of others.Be wise and responsible.
TEE 11 years ago

INCOMPETENT LEADERLESS LOOT AND SHARE PERIOD

INCOMPETENT LEADERLESS LOOT AND SHARE PERIOD
TEE 11 years ago

CLUELESS USELESS VISIONLESS. MAHAMA PERIOD

CLUELESS USELESS VISIONLESS. MAHAMA PERIOD
Kanawu 11 years ago

Mahama & Co can you lot see that you have failed Ghanaians.

Mahama & Co can you lot see that you have failed Ghanaians.
Brobbsnet-U.S.A 11 years ago

You cannot mention the word FAILURE and MAHAMA in the same sentence.

You cannot mention the word FAILURE and MAHAMA in the same sentence.
BOY KOFI 11 years ago

This is exactly what happened to Nigeria when they had the oil boom in the 70s.Everything went fine for a while,then all of a sudden everything came to a halt followed by "Ghana must go".My question is that,why is the CFA alw ...
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This is exactly what happened to Nigeria when they had the oil boom in the 70s.Everything went fine for a while,then all of a sudden everything came to a halt followed by "Ghana must go".My question is that,why is the CFA always stable and strong?Thank you.
Kwame 11 years ago

unbelievable, incompetent leaders, currency devalued (3% in months), to such an extent and the ruling party does nothing to remedy it? lol! Ghana is in a depression! keep fighting each other whiles the country economy burns!

unbelievable, incompetent leaders, currency devalued (3% in months), to such an extent and the ruling party does nothing to remedy it? lol! Ghana is in a depression! keep fighting each other whiles the country economy burns!
Brobbsnet-U.S.A 11 years ago

Anytime the president opens his mouth ,the country SINKS in economic tsunami and the more the president and NDC keeps
talking. it's like an Addiction.

Anytime the president opens his mouth ,the country SINKS in economic tsunami and the more the president and NDC keeps
talking. it's like an Addiction.
SABA 11 years ago

I'm not one of the NPP/NDC fanatics, I just want objective answers to this question: Has the NDC moved Ghana further forward from where Kuffour left it? If yes, what areas have they improved. If no what areas have they destro ...
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I'm not one of the NPP/NDC fanatics, I just want objective answers to this question: Has the NDC moved Ghana further forward from where Kuffour left it? If yes, what areas have they improved. If no what areas have they destroyed?
Joe 11 years ago

I hope NDC is accepting this because they seem to deny the economy is in shambles. Let them listen to Bawumia who keeps advising them but they do not accept it.

I hope NDC is accepting this because they seem to deny the economy is in shambles. Let them listen to Bawumia who keeps advising them but they do not accept it.
ADONGO 11 years ago

STUPID COUNTRY,STUPID ECONOMY ,STUPID LEADERS!!!

STUPID COUNTRY,STUPID ECONOMY ,STUPID LEADERS!!!
Kwamr Oeusu London 11 years ago

Only fools don't realise the cedi is sinking. Idiots like Mahama anf his cabinet.

Only fools don't realise the cedi is sinking. Idiots like Mahama anf his cabinet.
Jean claude 11 years ago

hahahahahaahahah.........the most useless country in the world is ghana. For you to have all the resources and still be poor shows how backward people you are. always want to compete with the whiteman but you dont have nothin ...
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hahahahahaahahah.........the most useless country in the world is ghana. For you to have all the resources and still be poor shows how backward people you are. always want to compete with the whiteman but you dont have nothing to boast of
BOY KOFI 11 years ago

Only a fool will believe this stupid story.Thank you.

Only a fool will believe this stupid story.Thank you.
abba 11 years ago

THE SPIRIT OF JUNE 4TH 1979 REVOLUTION IS TOTALLY DEAD BECAUSE MAHAMA LED NDC HAS LOOTED THE COFFERS OF THE NATION. NOW IT IS OBVIOUS THAT THE BLOOD OF GEN.I.K.ACHAMPONG AND THE OTHERS WHO WERE EXECUTED ARE INNOCENT.

THE SPIRIT OF JUNE 4TH 1979 REVOLUTION IS TOTALLY DEAD BECAUSE MAHAMA LED NDC HAS LOOTED THE COFFERS OF THE NATION. NOW IT IS OBVIOUS THAT THE BLOOD OF GEN.I.K.ACHAMPONG AND THE OTHERS WHO WERE EXECUTED ARE INNOCENT.
abba 11 years ago

EVEN THE OIL DESCOVERY HAS BEEN THE PERSONAL PROPERTY OF NDC CRIMINALS AND THAT HAS CONTRIBUTED TO THE AILING ECONOMY.

EVEN THE OIL DESCOVERY HAS BEEN THE PERSONAL PROPERTY OF NDC CRIMINALS AND THAT HAS CONTRIBUTED TO THE AILING ECONOMY.
STAFFORD 11 years ago

Let us reconsider a free port, because most of these imported goods are resold to our neighbouring countries to strengthen the cedi.

Let us reconsider a free port, because most of these imported goods are resold to our neighbouring countries to strengthen the cedi.
STAFFORD 11 years ago

Let us boost both local and private businesses, attract foreign investors by smoothing out land acquisition and disputes.

Let us boost both local and private businesses, attract foreign investors by smoothing out land acquisition and disputes.
kofucius.wordpress.com 11 years ago

Singapore and Dubai do similar things, it would make Tema more competitive vs Abidjan.

Good idea put forth, Tema is more advanced of a port than most in Africa, but its high prices make it prohibitive for those interested ...
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Singapore and Dubai do similar things, it would make Tema more competitive vs Abidjan.

Good idea put forth, Tema is more advanced of a port than most in Africa, but its high prices make it prohibitive for those interested in importing with the primary aim of distribution throughout the West African subregion.

Seriously Tema port in West Africa is one of the few one eyed men in the valley of the blind we need to completely capitalize on this advantage.

The Ghanaian government should really consider a unit focused solely on issues of regional competitiveness.
ANKOBEA-HENE 11 years ago

So why is China not crying over weak Yuan? they even wanted to dilute it to go down had America not been watching them. Let's turn a misfortune into a blessing.

So why is China not crying over weak Yuan? they even wanted to dilute it to go down had America not been watching them. Let's turn a misfortune into a blessing.
STONER KOBYLYNTON 11 years ago

Ankobea-Hene, not only Chinese had wanted to devalue their currency, but with their established industrial base which many multi-million dollar companies are operating there with their cheap labour, hence America raised conce ...
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Ankobea-Hene, not only Chinese had wanted to devalue their currency, but with their established industrial base which many multi-million dollar companies are operating there with their cheap labour, hence America raised concern about their trade malpractices.

If Ghana is to be an industrialised nation or a country with huge export base in agriculture produce, the current state of the currency would have been blessing for both importers and exporters. In situation like this, the Cedi would appreciate in value eventually. The present situation require fiscal discipline where government have to priortize its expenditure, cut down taxes to enable entreprenuers expand their businesses and also the poor folks able to spend the little they have to boost the economic activities than the government colleting the money from them in taxes and servicing irrelevant commitments and projects. E&OE.
SAARA-MENSAH 11 years ago

We have great minds.

We have great minds.
K.A 11 years ago

Bawumia predicted this less than 24hrs ago.

Bawumia predicted this less than 24hrs ago.
ANKOBEA-HENE 11 years ago

what did he do in the previous gov't? they pegged the cedi to US dollar. Ghana and US are not equals in terms of economics. So Bawumia did more harm than good. he gave Ghana the wrong drug that's why he is sure we are doomed.

what did he do in the previous gov't? they pegged the cedi to US dollar. Ghana and US are not equals in terms of economics. So Bawumia did more harm than good. he gave Ghana the wrong drug that's why he is sure we are doomed.
Enoch. O 11 years ago

This is not a MAHAMA made disaster. Why on earth did Kufuor value our currency as 1to1 against the American Dollar. It does not make sense. Apart from Cocoa whose price we do not control, what else do we have, we have sold aw ...
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This is not a MAHAMA made disaster. Why on earth did Kufuor value our currency as 1to1 against the American Dollar. It does not make sense. Apart from Cocoa whose price we do not control, what else do we have, we have sold away our GOLD Mines, we import even bread, and Akufo Addo and Bawumia were both in the government that made this decision, and he thinks when he takes over, he can improve the situation of the Cedi? Give me a break. These politicians think the ordinary Ghanaian is stupid. I am not a politician, I am not an economist, but the best way out is to devalue the Cedi, and set it to its real value. Long live Ghana.
FIFI GBEVE 11 years ago

NPP owned banks have ganged up with people like KESSBEN to cause the Cedi to depreciate and make the country ungovernable. Heavenly Father will expose all the wicked plots of NPP and bring the SATANIC LEAGUE to shame.

NPP owned banks have ganged up with people like KESSBEN to cause the Cedi to depreciate and make the country ungovernable. Heavenly Father will expose all the wicked plots of NPP and bring the SATANIC LEAGUE to shame.
STAFFORD 11 years ago

What is needed now are ideas and solutions from you and me, abuses and criticisms get us no answers.

What is needed now are ideas and solutions from you and me, abuses and criticisms get us no answers.
FOFFIE 11 years ago

BLESS UP

BLESS UP
No fear 11 years ago

Mahama & Terkper: IMF bailout is in your future. TUC: retrenchment is in your future.
Cedi: NDC school boys will not save you, 5 cedis to 1 dollar is in around the corner.

Mahama & Terkper: IMF bailout is in your future. TUC: retrenchment is in your future.
Cedi: NDC school boys will not save you, 5 cedis to 1 dollar is in around the corner.
nkem 11 years ago

Hhhmmmm.....i advise ur president to come discuss dis una economic issue with nigerian president b4 hunger blow una head ....no need of shame..rollings nd john kufor asked 9ja for help.

Hhhmmmm.....i advise ur president to come discuss dis una economic issue with nigerian president b4 hunger blow una head ....no need of shame..rollings nd john kufor asked 9ja for help.
nana bronya 11 years ago

MAHAMA IS A DOG EATING IDIOT

MAHAMA IS A DOG EATING IDIOT
Peter Pan 11 years ago

Don't believe story about the Cedi being the weakest currency in the world. The enemies of Ghana are using psychological warfare to weaken our resolve in order to demoralize. Turn perceived weakness into srength.

Don't believe story about the Cedi being the weakest currency in the world. The enemies of Ghana are using psychological warfare to weaken our resolve in order to demoralize. Turn perceived weakness into srength.
francis sam 11 years ago

simple put increase your exports and
tariffs on imports why should Ghana
import tomatoes and onions STOP TALKING ABOUT CORRUPTION AND START
PROSECUTING PEOPLE
take a lesson from RWANDA

simple put increase your exports and
tariffs on imports why should Ghana
import tomatoes and onions STOP TALKING ABOUT CORRUPTION AND START
PROSECUTING PEOPLE
take a lesson from RWANDA
Mr Tee 11 years ago

President Mahama has done nothing wrong to this economy why am i saying that,the change of currency by the previous government

President Mahama has done nothing wrong to this economy why am i saying that,the change of currency by the previous government
Shaz Aku 11 years ago

I agreeMr Tee, the previous Government have alot to answer for. Kuffour managed to get some of our creditors to wipe some of our debts then they overspent with no much to show for it. Where is the evidence that the Cedi is th ...
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I agreeMr Tee, the previous Government have alot to answer for. Kuffour managed to get some of our creditors to wipe some of our debts then they overspent with no much to show for it. Where is the evidence that the Cedi is the weakest currency I haven't seen any. There are other currencies struggling
Opinenhof 11 years ago

I can prove you wrong that the cedi is the weakest currency in the world. Even in some of the European contries like Poland,Latvia and others .why ? The. System was rotten for long now that is smillimg. Dead things smell ...
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I can prove you wrong that the cedi is the weakest currency in the world. Even in some of the European contries like Poland,Latvia and others .why ? The. System was rotten for long now that is smillimg. Dead things smell when is rotten .so don't blame Mahama. The system was dead before he took over . Better let of help to bluid our nation than to to shouting. Let's do the right thing. From the grass root to the top. God bless Our home land Ghana.
allexisse 11 years ago

Pls Prez. Mahama are u watching all this? Pls dont look like Eyadema from togo who dont listen to anything

Pls Prez. Mahama are u watching all this? Pls dont look like Eyadema from togo who dont listen to anything
Isaac 11 years ago

Does this Gov't concern about Ghanaians? Please Mr Prez, why?

Does this Gov't concern about Ghanaians? Please Mr Prez, why?
asdad 10 years ago

fuck the government!

fuck the government!

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Ghana’s cedi is world’s weakest currency

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