Ghana's cedi, Zambia's kwacha worst African currencies in 2014

Read Comments Comments (21)

• GHANA FIRST 10 years ago

  Why are you deceiving the readers and investors with flaming and degrading headlines, writer? If you don't know don't talk. Leave the Ghanaian economy alone and keep your mouth and your pen shut. Ghana is doing well and shall ...
  read full comment

  Why are you deceiving the readers and investors with flaming and degrading headlines, writer? If you don't know don't talk. Leave the Ghanaian economy alone and keep your mouth and your pen shut. Ghana is doing well and shall continue to do well. The value of the cedis is good and the currency is one of the strongest on the continent of Africca. Meanwhile I did not see exactly what you said about the Ghanaian cedis. What is this rubish for?

  reply
• Mahmoud 10 years ago

  The so-called professor that tried to embellish Nkrumah's economic record needs to go to School all over again. These types of socialist arguments could deceive Ghanaians in the 50s and 60s but, they cannot do so now. Nkrumah ...
  read full comment

  The so-called professor that tried to embellish Nkrumah's economic record needs to go to School all over again. These types of socialist arguments could deceive Ghanaians in the 50s and 60s but, they cannot do so now. Nkrumah was the first leader to introduce unsustainable debt into this country by borrowing massively and unnecessarily to finance his whims and caprices. It was a misfortune that we had such a person as president immediately after the independence. He didn't lay a realistic economic foundation for sustainable development of the young nation at all, considering the amount of money that was at his disposal in those days.
  
  Ghana had about one billion dollars in reserve when Nkrumah took over the reins of government from the colonial master. Could you imagine what the value of 1bn dollars was in the early fifties? Again, after 2years of his rule, cocoa prices at the world market rocketed and increased four-fold. But contrary to any sound economic planning, he did not reserve any fraction of the windfall for a rainy day as the Whiteman had done with only one fourth of the revenues he got from cocoa. So, what did Nkrumah do with all the revenue he got from the astronomical cocoa prices, and the big reserve he inherited that took many years to build for our financial stability and sustainable development?
  
  The man just went on a spending spree both in Ghana and around the world, throwing his weight about and talking big. So when the cocoa prices fell close to the end of his rule, he was quick to point accusing fingers at the West, blaming them for manipulating cocoa prices to sabotage the economy of Ghana and overthrow his government. Finally, after misusing all the money mainly on useless prestigious projects, failed communist agricultural projects and whimsical mad rush industrialization projects that did not withstand the test of time, he also burdened the young nation with another billion dollars' debt before he was forced out of the country.
  
  The truth is that, the economy could not grow and achieve its potentials under communists since the system lucks mechanisms and incentives that would release energies of the people to create wealth. Nkrumah, therefore, met a rich and confident country with stable economy, and left it bankrupt in some few years as a result of gross communist mismanagement.

  reply
• @@@ 10 years ago

  Mahmoud, you have displayed enough of stupidity to us.Can you do something more progressive and useful in 2015?

  Mahmoud, you have displayed enough of stupidity to us.Can you do something more progressive and useful in 2015?

  reply
• Ghfuo: Be Bad & Hang Nyantakyi, NOW! 10 years ago

  ENERGY, CORRUPTION, WATER
  If the government can attempt to find solutions to these 3 issues. Things will be better. Instead, they borrow the funds and steal. Jail or even death is a must!
  Book: "Dead Aid" by Dambisa Moyo
  ...
  read full comment

  ENERGY, CORRUPTION, WATER
  If the government can attempt to find solutions to these 3 issues. Things will be better. Instead, they borrow the funds and steal. Jail or even death is a must!
  Book: "Dead Aid" by Dambisa Moyo
  Every economist, African leader, finance minister must read this book!
  Book: "why nations fail": an abundance of natural resources is a national curse!
  These nations with natural resource wealth on average have worse financial economies than nations who don't. Why you ask? Weak institutions, corruption, bad governors, managers!
  Ghana Sovereign Wealth Fund by Martin Skankar.....Norwegian Ministry of Finance
  What is "Dutch Disease"?
  A percentage of proceeds from oil, gold, diamonds, cocoa revenues etc should be deposited yearly in a Ghana Sovereign Wealth Fund account, a national 401k. This money will never be touched by any govt, period! This money will be invested all over the world in socially constructive projects. Projects to be excluded can include chemical nuclear projects, environmentally disastrous projects, product based exclusions, tobacco, walmart(human rights abuses). The ROI from this fund will be used to supplement infrastructure projects. Is Ghana a cursed, weak institution? Yes, I agree whole heartedly!
  
  ZERO TOLERANCE FOR CORRUPTION!
  1. Corruption Sensitivity Training: Educate the executives(attorney general, the judges, public officials, immigration, police officers)about the short, long term effects and impacts of corruption. Corruption Sensitivity Training should be a mandatory part of interview process, class, testing requirement for all ministers and public sector officials. Make them aware of the consequences and have them sign off on this. If judges, police officers, employees are educated and made to understand the explicit and implicit impacts of corruption and how it affects their own salaries, bonuses etc. Things will change!
  2. Enforce the Law: Offenders must face jail time, tickets/fines, sell assets to payback what has been stolen, name and shame offenders in media
  3. Put ethical persons in positions of power,
  4. yearly revenue audits brief
  5.NPP: Narcotic Peddlers Party, NDC: Niggas Deep in Corruption
  
  NDC: adum a dum dum b3 gyae! Muahahahahaaaaaaa
  NDC has ruled ghana more than any political party since 1957.
  Yet, look at the economic and infrastructural deprivation in Volta region? Muahahahaaaaaaaaa
  Fool me once, Fool me 2wice. Volta region shine ur eye wai muahahahahaaaaaaa!

  reply
• Awurade Kasa 10 years ago

  Deceiving Ghanaians?. What is the truth?. Tell us the facts and don't just say Ghana is doing well. Even the President, I mean the President of the Republic has come to talk about the economy which needs to be fixed and the s ...
  read full comment

  Deceiving Ghanaians?. What is the truth?. Tell us the facts and don't just say Ghana is doing well. Even the President, I mean the President of the Republic has come to talk about the economy which needs to be fixed and the skyrocketing corruption will be tackled.
  Who is deceiving who?. You better shut up and let the truth prevail.

  reply
• footballer 10 years ago

  Ghana First are you blind what do you pay for petro,ect. inflation is up 17% the cedi is down from 2008 it was close to the Dollar and look at it on the world market. You must be chopping or don't live here. Stop your nonsens ...
  read full comment

  Ghana First are you blind what do you pay for petro,ect. inflation is up 17% the cedi is down from 2008 it was close to the Dollar and look at it on the world market. You must be chopping or don't live here. Stop your nonsense.

  reply
• ONIPANUA 10 years ago

  What about the Zimbabwe dollar?Are you saying it is better than the cedi? You must be joking.

  What about the Zimbabwe dollar?Are you saying it is better than the cedi? You must be joking.

  reply
• james 10 years ago

  There is no zimbabwe dollar... their old currency collapsed and zimbabwe is now using the US dollar as their official currency. Other countries like panama and Ecuador are doing the same.

  There is no zimbabwe dollar... their old currency collapsed and zimbabwe is now using the US dollar as their official currency. Other countries like panama and Ecuador are doing the same.

  reply
• Helen 10 years ago

  Ghana is ahead of Uncle Bob's country in many ways. The UNDP development index shows!

  Ghana is ahead of Uncle Bob's country in many ways. The UNDP development index shows!

  reply
• The mask 10 years ago

  The economy is hitting many families hard and many have run out of ideas.
  
  Boachsoft Finance 2012 software, developed in East Akim Municipality (Akyem-Maase and Bunso) in the Eastern Region of Ghana and in Accra/Sakumono, i ...
  read full comment

  The economy is hitting many families hard and many have run out of ideas.
  
  Boachsoft Finance 2012 software, developed in East Akim Municipality (Akyem-Maase and Bunso) in the Eastern Region of Ghana and in Accra/Sakumono, is helping many families across the globe to balance the family budget, amortize loans and save for the future.
  
  The next version is set to be released in December 2015. Use only the 2012 version.
  
  For more information on managing family finances read the following page:
  
  boachsoft. com

  reply
• kk 10 years ago

  Yet we have Togoleses claiming ghanaian citizenship in the NDC and a few greedy bastards throwing dust in the eyes of true ghanaians saying we are better off. Tweaaaa!!!!

  Yet we have Togoleses claiming ghanaian citizenship in the NDC and a few greedy bastards throwing dust in the eyes of true ghanaians saying we are better off. Tweaaaa!!!!

  reply
• JOE 10 years ago

  EVERY COUNTRY MONEY IS BACK BY GOLD AND AS WELL AS THEIR EXPORTS WHICH GHANAIAN LEADERS STILL CANNOT GET A HANLDLE ON THESE ECONOMIC SYSTEMS. A TROPICAL COUNTRY WHICH CONTINUE TO IMPORT RICE, CHICKEN AND EVEN TOOTHPICKS WHICH ...
  read full comment

  EVERY COUNTRY MONEY IS BACK BY GOLD AND AS WELL AS THEIR EXPORTS WHICH GHANAIAN LEADERS STILL CANNOT GET A HANLDLE ON THESE ECONOMIC SYSTEMS. A TROPICAL COUNTRY WHICH CONTINUE TO IMPORT RICE, CHICKEN AND EVEN TOOTHPICKS WHICH DOESN'T MAKE ECONOMIC SENSE. THE ELECTORIAL SYSTEMS NEED TO CHANGE AND MORE ACCOUNTABLE INSTITUTIONS SHOULD BE IN PLACE. SITTING GOVERNMENT SHOULDN'T BE APPOINTING CITY MAYORS, REGIONAL MINISTERS, DISTRICT, MUNICIPAL LEADERS IS SUPPOSE TO BE THE PEOPLE IN THE AREA ANDTO MAKE SURE THEIR TAXES AND USE TO BUILD THE LOCAL ECONOMY AND HELD ACCOUNTABLE DURING EVERY ELECTION,

  reply
• Rastafara 10 years ago

  the worst president brings the worst currency...fake begets fake

  the worst president brings the worst currency...fake begets fake

  reply
• Akwasi 10 years ago

  JDM is a hard working chap

  JDM is a hard working chap

  reply
• Gen.Mosquito 10 years ago

  True JDM is hard working except that under his tenure ,Ghana is the 2nd dirtiest country in Africa.shame.the Cedi's sorry state shouldn't even be repeated here and do you know that we import the largest quantity of Broni Waaw ...
  read full comment

  True JDM is hard working except that under his tenure ,Ghana is the 2nd dirtiest country in Africa.shame.the Cedi's sorry state shouldn't even be repeated here and do you know that we import the largest quantity of Broni Waawu in the whole world.what of Agbogbloshie being the most toxic piece of land in the world because we accept any junk from Europe just to get a bit of scrap for our bellies' sake.sorry for Ghana,first only in the worst things

  reply
• Helen 10 years ago

  Ghana is not the 2nd dirtiest country in Africa. Don't believe everything you read. You are hoping for the worst for Ghana. You will be disappointed. The statistics are changing .

  Ghana is not the 2nd dirtiest country in Africa. Don't believe everything you read. You are hoping for the worst for Ghana. You will be disappointed. The statistics are changing .

  reply
• Yoori Yoori 10 years ago

  Ghana - 27%
  Zambia - 15%
  Nigeria - 13.5%
  South Africa - 10%
  Uganda - 9%
  Kenya - 4.5%
  The cedi is way up there as the worst under this Mahama NDC gov't philosophy of "economic vodooism". That is the e de bee k3k3 at it's ...
  read full comment

  Ghana - 27%
  Zambia - 15%
  Nigeria - 13.5%
  South Africa - 10%
  Uganda - 9%
  Kenya - 4.5%
  The cedi is way up there as the worst under this Mahama NDC gov't philosophy of "economic vodooism". That is the e de bee k3k3 at it's best with I don't know, I still don't care yenti3 obiaa into nothingness.

  reply
• Agyeman 10 years ago

  Funny thing is -the nation least endowed with mineral or resource wealth(Kenya) saw its currency fell the least

  Funny thing is -the nation least endowed with mineral or resource wealth(Kenya) saw its currency fell the least

  reply
• Agoo 10 years ago

  if world prices of some commodities shot Ghana's economy to a world class economy, and these commodities fall in their prices, it only make sense that our economy will follow suite. thank God for JDM, this economy has been d ...
  read full comment

  if world prices of some commodities shot Ghana's economy to a world class economy, and these commodities fall in their prices, it only make sense that our economy will follow suite. thank God for JDM, this economy has been diversified, made in Gh products are being heavily encouraged, this will decrease our dependence on foreign currencies during business transactions. most of our business men/women are being encouraged to use Chinese yen in their transactions in china, this will help us. Much as the U. S dollar is seen more like the best means for most transactions across the world, we as a people can minimize our dependence on the dollar. Ghana can indeed remain at the top, just that some of these politicians who want to use everything for politics will cause our nation a great deal, the 'sir' John kind of politics and the NPP style of politics of: if we are not doing it, then its not being done right. they came into politics and made a lot of noise, they were already rich, they did not need anybody's money, yet they stole more than any government known to the fourth republic. lets all unite and build gh.

  reply
• mr amin 10 years ago

  There is no justification for the cedi fall. Ghana is the 3rd naturaly rich country in the world. Why index import duties in dollers n not cedis directly????

  There is no justification for the cedi fall. Ghana is the 3rd naturaly rich country in the world. Why index import duties in dollers n not cedis directly????

  reply
• Kwaku. 10 years ago

  We did not suffer a calamity from war or a natural disaster of any kind; yet the Government caused the national currency to drop by 30%. Worse. The Govt. did not ask for any resignations. Sad.

  We did not suffer a calamity from war or a natural disaster of any kind; yet the Government caused the national currency to drop by 30%. Worse. The Govt. did not ask for any resignations. Sad.

  reply