Cedi steadies as central bank steps up dollar-selling

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• AGBEVE AGBENYEGA 10 years ago

  This is not a sustainable option, For how long can the BOG sell $20M everyday? Fixing the economic fundamentals is what is required to realign the economy. What Kuffour did is a shining example for all to see!

  This is not a sustainable option, For how long can the BOG sell $20M everyday? Fixing the economic fundamentals is what is required to realign the economy. What Kuffour did is a shining example for all to see!

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• OKOFO 10 years ago

  Thank you. Truly is not possible for the government to continue this intervention. This policy is usually adopted as a temporal measure. For medium and long term it will definitely failed as its very expensive. The only way f ...
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  Thank you. Truly is not possible for the government to continue this intervention. This policy is usually adopted as a temporal measure. For medium and long term it will definitely failed as its very expensive. The only way forward is the ability to change the fundamentals of the economy and our consumption lifestyle. Unfortunately you did not state what the Kufour administration did to partially keep the cedi in the slow lane of the motorway. If you are interested to know Kufour government was spending above $200m a month to support the cedi after the denomination.

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• solo 10 years ago

  If indeed Kufour saved the currency with usd200m a month, why is Mahama failing to do same with 67billion ghc over 7yrs. Thieves. Stop the lie

  If indeed Kufour saved the currency with usd200m a month, why is Mahama failing to do same with 67billion ghc over 7yrs. Thieves. Stop the lie

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• Kofi Oduro 10 years ago

  Yes I agree the move by the central bank will bring some respite but it is not the total panacea to further stabilisng and appreciating our cedi.This is not just the job of the central bank but the government and all ghanaian ...
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  Yes I agree the move by the central bank will bring some respite but it is not the total panacea to further stabilisng and appreciating our cedi.This is not just the job of the central bank but the government and all ghanaians inclusive,we need to take up the challenge of exporting and I agree to those who will say the government will have to create the enabling environment for that to happen.At the end of the day bank of ghana will only be the keeper or store the foreign earnings we bring in,so it is not entirely their fault.

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• Yoofi 10 years ago

  So where is Wampah getting dollars to Study the Cedi.
  
  
  Is he doing so with North Korean Printed Dollars or doing so with Eurobond debt funds.
  
  This is very stupid and unbelievable. Wampah should be relieved of his post ...
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  So where is Wampah getting dollars to Study the Cedi.
  
  
  Is he doing so with North Korean Printed Dollars or doing so with Eurobond debt funds.
  
  This is very stupid and unbelievable. Wampah should be relieved of his post.

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• "Catman" Du 10 years ago

  Sorry BOG HAVENT GOT THE RESOURCES TOSUSTAIN THE CEDI. WE EXPECT THE CEDI TO DEPRECIATE BY ANOTHER 20% BY JANUARY 2016. THE OUTLOOK IS BLEAK

  Sorry BOG HAVENT GOT THE RESOURCES TOSUSTAIN THE CEDI. WE EXPECT THE CEDI TO DEPRECIATE BY ANOTHER 20% BY JANUARY 2016. THE OUTLOOK IS BLEAK

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• dave 10 years ago

  Wampah should be sacked.he have this kindergaten idea but yet sat down
  for the dollar to reach this far before coming out.i dont know what is wrong with mahama himself

  Wampah should be sacked.he have this kindergaten idea but yet sat down
  for the dollar to reach this far before coming out.i dont know what is wrong with mahama himself

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• asTon tony 10 years ago

  The thing is not getting better but the Question still remains unanswered that, what solution you people got to offer

  The thing is not getting better but the Question still remains unanswered that, what solution you people got to offer

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• Yaw USA 10 years ago

  I'm solution is simple Mahama must go

  I'm solution is simple Mahama must go

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• KA AKYIRE 10 years ago

  UNTIL WE STOP IMPORTATION OF SECONDHAND WEARS, USED GOODS OR REGULATE THE AMOUNT THESE TRADERS TAKE DAILY TO GO OUT OF THE COUNTRY, NO MATTER THE AMOUNT INJECTED IT WILL BE SAME STORY.

  UNTIL WE STOP IMPORTATION OF SECONDHAND WEARS, USED GOODS OR REGULATE THE AMOUNT THESE TRADERS TAKE DAILY TO GO OUT OF THE COUNTRY, NO MATTER THE AMOUNT INJECTED IT WILL BE SAME STORY.

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• KA AKYIRE 10 years ago

  HOW LONG DOES A DOLLAR LIVE IN GHANA AFTER ENTRY? SOME DO NOT LIVE FOR A DAY AND IT IS TAKEN AWAY OR STACK OUT OF THE SYSTEM. UNTIL THESE SHORT FALLS ARE CHECKED, BANK OF AMERICA CAN VISIT US YET DOLLAR WILL GET SCARCE FOR OU ...
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  HOW LONG DOES A DOLLAR LIVE IN GHANA AFTER ENTRY? SOME DO NOT LIVE FOR A DAY AND IT IS TAKEN AWAY OR STACK OUT OF THE SYSTEM. UNTIL THESE SHORT FALLS ARE CHECKED, BANK OF AMERICA CAN VISIT US YET DOLLAR WILL GET SCARCE FOR OUR MARKET

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• KA AKYIRE 10 years ago

  UNTIL WE PRODUCE OUR OWN FOOD AND EAT THEM AND WEAR OUR OWN CLOTHING, I AM AFRAID 100 BILLION INJECTION WILL NOT LAST FOR US. WHERE IS EXPORT PROMOTION?

  UNTIL WE PRODUCE OUR OWN FOOD AND EAT THEM AND WEAR OUR OWN CLOTHING, I AM AFRAID 100 BILLION INJECTION WILL NOT LAST FOR US. WHERE IS EXPORT PROMOTION?

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• KA AKYIRE 10 years ago

  SINCE AFTER THE DAYS OF TAWIAH AKYEA,
  GHANA EXPORT PROMOTION IS NO MORE STANDING. WE HAVE THE TRIED AND TESTED MEN YET WE KEEP EXPERIMENTING WITH SQUIRE PEGS IN ROUND HOLES. OH GHANA?

  SINCE AFTER THE DAYS OF TAWIAH AKYEA,
  GHANA EXPORT PROMOTION IS NO MORE STANDING. WE HAVE THE TRIED AND TESTED MEN YET WE KEEP EXPERIMENTING WITH SQUIRE PEGS IN ROUND HOLES. OH GHANA?

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• Elliot Ness 10 years ago

  Why has Ghana being left out of the TPP? Do you think Ghana could fashion a separate agreement that exceeds the benefits in the TPP? This country's leaders are asleep at the wheel and you wonder why the cedi continues to depr ...
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  Why has Ghana being left out of the TPP? Do you think Ghana could fashion a separate agreement that exceeds the benefits in the TPP? This country's leaders are asleep at the wheel and you wonder why the cedi continues to depreciate.

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• Elliot Ness 10 years ago

  This country makes it harder for entrepreneurs to move ahead. I tried to create a business but the delays and demand for bribes were too much for me. These government employees are there to serve the public interest but unles ...
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  This country makes it harder for entrepreneurs to move ahead. I tried to create a business but the delays and demand for bribes were too much for me. These government employees are there to serve the public interest but unless you pay you don't get any service. How can the country prosper when we are the very people who slow it down? It is crazy! Every body wants quick, easy money. Well, get in line! It does not exist. In the end you will all remain poor especially in your old age. Steal as much as you can, insist on getting as big a bribe as you can. But because it is not well-earned, it will all go to waste. Everybody wants a bribe. Technical officers, lands department officers, everybody...what a country. And, some of you guys are lazy, thanks to the leadership of J. J. Rawlings.

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• ken 10 years ago

  This injection of $20m everyday to stabilize the cedi is not sustainable. The same way the cocoa syndication loan and the Eurobond late last year which totaled almost $2b couldn't stabilize the cedi. This is just a temporary ...
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  This injection of $20m everyday to stabilize the cedi is not sustainable. The same way the cocoa syndication loan and the Eurobond late last year which totaled almost $2b couldn't stabilize the cedi. This is just a temporary relief. The problem is the fundamentals of the economy is very very bad and that is what be looking at. For example indexation of import duties to the dollar and dollarization of the economy are major major problems. But the government appetite for tax revenue, it is not willing to stop this indexation. The indexation forces importers to not only have dollars to buy their goods but also pay import duties so there is always pressure on the dollars and other foreign currencies.

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• Economist 10 years ago

  How long can BOG spend $20 million a day to prop up the cedi. The reaction of BOG to the dropping Cedi is like trying to cure cancer with paracetamol; no hope of a solution. Blotted fiscal spending should be curtailed if a t ...
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  How long can BOG spend $20 million a day to prop up the cedi. The reaction of BOG to the dropping Cedi is like trying to cure cancer with paracetamol; no hope of a solution. Blotted fiscal spending should be curtailed if a tenable solution is to be found for the depreciating Cedi.

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