Cedi crashes against major foreign currencies

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OSEI 10 years ago

THE CEDI HAS THE DEAD GOAT SYNDROME: FROM GHS 0.98 = $1.00. IT IS USED TO FALLING BELOW MAJOR CURRENCIES. NDC USED THEIR FIRST 4 YEARS TO BASH KUFFUOR INSTEAD OF DOING THEIR WORK. NOW SCHOOL FEEDING, NATIONAL HEALTH INSURANCE ...
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THE CEDI HAS THE DEAD GOAT SYNDROME: FROM GHS 0.98 = $1.00. IT IS USED TO FALLING BELOW MAJOR CURRENCIES. NDC USED THEIR FIRST 4 YEARS TO BASH KUFFUOR INSTEAD OF DOING THEIR WORK. NOW SCHOOL FEEDING, NATIONAL HEALTH INSURANCE. STILL, SOME GHANAIANS PRAISE THIS GOVERNMENT. HMMM WHAT IS WRONG WITH US? WE NEED TO THINK !!!
why 10 years ago

Gh is finished, if u can find a better life outside gh go for it. This has shown theres no hope. If 20 mill daily cpuldnt save the cedi, its over, what we wait for now is a crash

Gh is finished, if u can find a better life outside gh go for it. This has shown theres no hope. If 20 mill daily cpuldnt save the cedi, its over, what we wait for now is a crash
Mahama 10 years ago

U are right me Mahama would finish Ghana and bash my wife anus bcos she has a big one.if anybody is interested just come its free

U are right me Mahama would finish Ghana and bash my wife anus bcos she has a big one.if anybody is interested just come its free
Anonymous Coward 10 years ago

Economy stupid. We don't have the men to lead the country. Ghana is on her knees begging for mercy.

Economy stupid. We don't have the men to lead the country. Ghana is on her knees begging for mercy.
Abeku Quansah Ativorgbe. 10 years ago

The ship is sinking before our eyes, yet many are ready to put their lives on the line to keep the same captain in control. We deserve all the shame, pain and suffering because we simply can't use our God given brains to make ...
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The ship is sinking before our eyes, yet many are ready to put their lives on the line to keep the same captain in control. We deserve all the shame, pain and suffering because we simply can't use our God given brains to make good decisions that can be beneficial to our children. It is Kotoko vs Hearts, all the time.
Agya Koo 10 years ago

Your comments have captured my total view on Ghana's economic and political future. If we cannot come together and agree that things are not going in the right direction right now, and continue to vote along tribal lines, the ...
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Your comments have captured my total view on Ghana's economic and political future. If we cannot come together and agree that things are not going in the right direction right now, and continue to vote along tribal lines, then we deserve the misery being visited on us and our children. Enko yie koraa...
Pusiga Naaba 10 years ago

You see. The NDC and its political machinery backed by the supreme court,bought and paid for corrupt judge Atuguba stole an election that they never deserved. It is what we are all payiny for now. A country governed by a "dea ...
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You see. The NDC and its political machinery backed by the supreme court,bought and paid for corrupt judge Atuguba stole an election that they never deserved. It is what we are all payiny for now. A country governed by a "dead goat" who has no idea how to govern.A country so burdened by massive loans with nothing to show for all those billions borrowed. A country so corrupt that simple provisions by the govt do not work. The NDC has hijacked a great nation like Ghana endowed with so much human talent yet guided by incompetents all for the benefit for political greed. Today the results is laid bare for all to see. A nation bankrupt by greedy NDC politicians. And in all this they still keep promising the people a rose garden when they have thrown us into a pit of thorns. Any body read the book "Animal farm"
Kofi 10 years ago

In the real world where people are not drunk by NPP propaganda crap they are all facing hardship.You can broaden your knowledge with this bit.

South Africa rand hits all-time low against the dollar
1 hour ago

The ra ...
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In the real world where people are not drunk by NPP propaganda crap they are all facing hardship.You can broaden your knowledge with this bit.

South Africa rand hits all-time low against the dollar
1 hour ago

The rand fell more than 2% against the dollar when the currency market opened on Monday
South Africa's currency has fallen to an all-time low against the US dollar.
It briefly hit a rate of 14 to the dollar amid concerns about the strength of the Chinese economy, reports the Reuters news agency.
Economies that rely on the sale of commodities - such as South Africa's - have been hit by the slowdown in growth in China, a major source of demand.
The problem was compounded when China unexpectedly devalued its currency earlier this month.
BBC Africa Live: News updates
The rand is particularly vulnerable because it is one of the globe's most highly traded emerging market currencies, South African economist Martyn Davies told the BBC.
He added that South Africa's central bank will find it hard to defend the currency against a slide in value, instead the government needs to address some of the fundamental economic issues such as the problems in the power sector.
Grey line
Analysis: Lerato Mbele, BBC Africa Business Report, Johannesburg
A stock investor walks by a screen at a brokerage house in Huaibei, Anhui province, China, 24 August 2015. China
China is South Africa's number one trading partner and a weakening of the Chinese economy will affect the demand for South African goods.
So, the immediate future is not promising.
While other countries have also been affected by the China slowdown, the situation in South Africa has been made worse by the general state of the domestic economy.
In the past year South Africa's economy has struggled to raise growth above 2%.
One factor is the continued labour unrest leading to regular strikes in key areas such as mining.
Another is the electricity shortages due to poor maintenance of the national grid.
For South Africa, there will be a need for deeper evaluation, even after global markets show signs of recovery.
Grey line
Impact felt elsewhere
Several other African currencies have been under pressure in recent weeks over fears of a Chinese economic slowdown.
With oil currently hovering around $40 (£25) a barrel, there are concerns about the prospects for oil-based economies, especially Nigeria and Angola.
The relative strength of the US dollar has also had an effect on - among others - the Zambian kwacha and the Ugandan shilling, which have both hit record lows in the past week.

Chinese shares drop in dramatic slide
kk 10 years ago

so what is ur point?? Can u hear urself speak?? smh...

so what is ur point?? Can u hear urself speak?? smh...
dead goat 10 years ago

dead goat is helping the cedi

dead goat is helping the cedi

For u. 10 years ago

Ghanaians are d problem.. Contantly talking down d economy... Scaring investors,importing from brasilian hair to iphones... What do u expect....

Ghanaians are d problem.. Contantly talking down d economy... Scaring investors,importing from brasilian hair to iphones... What do u expect....
KOSEK 84 10 years ago

Mate any serious investor does not listen to rumors . In case you dont know the health of the economy is on the internet so away with this thrash about talking down the economy or the currency. Its just not working and only t ...
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Mate any serious investor does not listen to rumors . In case you dont know the health of the economy is on the internet so away with this thrash about talking down the economy or the currency. Its just not working and only the right policies can make it work. No amount of respect or prayers or dwarfs can make the cedi to stop falling and no amount of talking up the economy will make it work
special one 10 years ago

And the president is making merry outside the country with his family

And the president is making merry outside the country with his family
special one 10 years ago

And people are willing to die for this nonsense to continue simply because they are benefiting from our suffering's.GOD SAVE GHANA

And people are willing to die for this nonsense to continue simply because they are benefiting from our suffering's.GOD SAVE GHANA
CORNEY 10 years ago

My friend,just get lost with your ignorance,even if God is in incharge of Ghana the cedi will continue to depreciate,stop blaming government for everything,government cannot continue to make the cedi strong true artificial me ...
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My friend,just get lost with your ignorance,even if God is in incharge of Ghana the cedi will continue to depreciate,stop blaming government for everything,government cannot continue to make the cedi strong true artificial means,it is not sustainable,the cedi should fight for itself.
If you import everything that you use that is what happens,you want to enjoy everything foreign and yet you are crying the cedi is falling.
The cedi is not accepted anywhere outside Ghana so the importers have to get the foreign currency to do their business.

China has just devalued her currency to boost export which makes the west crying while we are crying of the cedi devaluing itself.
sanderxphilips 10 years ago

Yea democracy is booming under NDC of Mahama and his viper mouth Mosquito

Yea democracy is booming under NDC of Mahama and his viper mouth Mosquito
Asem sebe 10 years ago

I told you this cedi appreciastion would not last!!! the Bank of Ghana and the government are playing voodoo or kalabule economics!!! the 20 million us Dollars they were pumping into daily into the economy to 'save' the cedi ...
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I told you this cedi appreciastion would not last!!! the Bank of Ghana and the government are playing voodoo or kalabule economics!!! the 20 million us Dollars they were pumping into daily into the economy to 'save' the cedi was a fraud - the reality is that the bank of ghana and the useless NCD have no clue whatsoever as to how to save the cedi - surely this 20 million daily which is 140 milion dollars a week could have been usd to build a factory and aliviate the youth unemployment in the country - making things will give Ghana much needed foreign exchange that will help boost our cedi - the governent is not interested in doing this that will save the cedi and build the economy - they talk about wanting to build the economy but realy thierr policies are not geared for this - all they want to do is to borrow money from so-called development partners and chop , chop , chop - sikadie basa basa!!!
CHORKOR SCHOOL BOY 10 years ago

WHERE IS DUNCAN WILLIAMS ? THE CEDI NEEDS HIS PRAYERS AGAIN.

WHERE IS DUNCAN WILLIAMS ? THE CEDI NEEDS HIS PRAYERS AGAIN.
CANTONA 10 years ago

wo y3 asem oooh. This NDC people have weak economic policies.They have nothing good to offer Ghanaians.How could you be pumping 20 million dollars a day to sustain the economy.When the source of that 20 million dollars is no ...
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wo y3 asem oooh. This NDC people have weak economic policies.They have nothing good to offer Ghanaians.How could you be pumping 20 million dollars a day to sustain the economy.When the source of that 20 million dollars is no more the cedi will definitely depreciate thus loose it value.This simple mathematics.
Invest in the agricultural sector this is one of the secretes of kuffour administration.This can attract millions of dollars into our economy and help sustain our currency.
Ghanaians we are living in mess under this NDC administration.
Buisness are collapsing
High rate of unemployment,dumsor dumsor,and a whole lot of problems.
We need a change.GOD BLESS US ALL and BLESS OUR COUNTRY GHANA.
Mozay 10 years ago

US $1 = Ghc 4.31.
Massa, is this ship (Ghana) a replica of the Titanic? The ship is sinking o, captain do something fast!!!
O sorry, I forget say he's already a dead goat; struggling to resurrect.
How possible. Just throw ...
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US $1 = Ghc 4.31.
Massa, is this ship (Ghana) a replica of the Titanic? The ship is sinking o, captain do something fast!!!
O sorry, I forget say he's already a dead goat; struggling to resurrect.
How possible. Just throw IT away before it decomposes.
I'm looking for a life boat to escape before disaster strikes.

DD 10 years ago

Until we sort out the economy we are in trouble. Oil and gold prices are going to be low for a long time.The country needs a plan B.

Until we sort out the economy we are in trouble. Oil and gold prices are going to be low for a long time.The country needs a plan B.
KA NA WU 10 years ago

The Cedi will continue to depreciate against foreign currencies like U.S dollar, and British Pound Sterling where Ghana mostly trade with them until Ghana improves its production base to reduce demand for foreign commodities. ...
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The Cedi will continue to depreciate against foreign currencies like U.S dollar, and British Pound Sterling where Ghana mostly trade with them until Ghana improves its production base to reduce demand for foreign commodities. As at now, and like this present NDC administration, production is never going to improve soon due to poor economic policies like anti-rich pull him down syndrome, corruption, and communist ideology of this NDC government. If NDC continues to remain power beyond 2016, with the current economic index in Ghana, the economic welfare of Ghanaians will go down drastically, far below the international poverty line.
Ganyo 10 years ago

When will these illiterate journalists learn the language of their trade.

When will these illiterate journalists learn the language of their trade.
tolegba 10 years ago

there is nothing called ghanaian economy. it doesn't exist.

there is nothing called ghanaian economy. it doesn't exist.
fear woman 10 years ago

I told u guys when u people voted for mills that Ghana we will crawl before we eat

I told u guys when u people voted for mills that Ghana we will crawl before we eat
Adele P 10 years ago

Where are the NDC supporters on this article? They have vanished into the thin air. This article supports removing the party from governance next year period.

Where are the NDC supporters on this article? They have vanished into the thin air. This article supports removing the party from governance next year period.
Dr Che Che Coolay 10 years ago

most currencies around the would have lost value this year. there will soon be a global currency war.the bank of Ghana cannot save the cedi

most currencies around the would have lost value this year. there will soon be a global currency war.the bank of Ghana cannot save the cedi
SHALOM 10 years ago

Govt needs to put down measures to stop illegal forex trnsactions involving foreigners (especially Nigerians) who buy much of the dollars and repatriate to their country for business.
With this bad business going on behind t ...
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Govt needs to put down measures to stop illegal forex trnsactions involving foreigners (especially Nigerians) who buy much of the dollars and repatriate to their country for business.
With this bad business going on behind the govt no matter how much millions of dollars pumped in by the Central Bank the economy would be starved by these hungry foreigners.
I suggest all buying of dollars must be routed through the banks where the Bank of Ghana can easily monitor their transactions day by day.
The cedi will continue to crash if the black market dealings are allowed to flourish uncontrolled because the Bank of Ghana dollars will eventually go to the dealers every week through the backdoor.
Choose Knowledge 10 years ago

Excellent strategy to stem the shortage of Dollars from also affecting the cedi's depreciation. Unfortunately these backdoor loopholes will always be in existence within the economy. However, before such an exercise can comme ...
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Excellent strategy to stem the shortage of Dollars from also affecting the cedi's depreciation. Unfortunately these backdoor loopholes will always be in existence within the economy. However, before such an exercise can commence, the cedi's valuation needs to be corrected and stronger central bank policies, with regard to the currency infusion and the outflow of foreign capital, need to be implemented.
SHALOM 10 years ago

Hope BoG officials will read an take note because it reality on the ground.
Other than that the million dollars being injected into the economy weekly will find their ways to other countries which are starving seriously for ...
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Hope BoG officials will read an take note because it reality on the ground.
Other than that the million dollars being injected into the economy weekly will find their ways to other countries which are starving seriously for the major currencies in the troubled economies.

Kofi 10 years ago

THE MAN IS STILL TRAVELLING MAKING MORE EXPENCES.

THE MAN IS STILL TRAVELLING MAKING MORE EXPENCES.
Lisa 10 years ago

The Cedi will continue to fall until the government cuts government spending and half of its staff. Ghana have too many people on the payroll who do nothing for Ghana. Ghana must diversify it's economy. Its too reliant on oil

The Cedi will continue to fall until the government cuts government spending and half of its staff. Ghana have too many people on the payroll who do nothing for Ghana. Ghana must diversify it's economy. Its too reliant on oil
SAD SOLSIER 10 years ago

The whole world's economy is up in flame, from China to the stock market. Please stop demeaning your country for the chance to gain power. It saddens me to hear all these lies perpetrated against Ghana. When do you guys educa ...
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The whole world's economy is up in flame, from China to the stock market. Please stop demeaning your country for the chance to gain power. It saddens me to hear all these lies perpetrated against Ghana. When do you guys educate yourselves on world affairs before writing your dumb ass ideas on this board. Even Malasia's currency is not immune to this current turmoil. Give the state of the Cedi at the moment, I will honestly say Tekper's prudent measures has ensured it isn't at 20GHC - $1 where it actually should have been from the very beginning when it was redominated. Fuck off, we r a third world country. Motherfuckers sold of our riches for a pittance in return and now send your ignorant supporters to cause mayhem and miseducate the populace with their ignorance. Fuck you! Ghana needs a new system of governance because this democracy will never succeed in bettering anyones lives but the rich and powerful. Time to go back to the drawing board.
Choose Knowledge 10 years ago

There is a global market sell off. The global economy is officially in the bear market. This week's Cedi depreciation has nothing to do with the President. Equities and commodities markets are plunging as a result of the arti ...
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There is a global market sell off. The global economy is officially in the bear market. This week's Cedi depreciation has nothing to do with the President. Equities and commodities markets are plunging as a result of the artificial depreciation of the Chinese yuan, crude oil prices have plunged to $38 a barrel, the DOW Jones Industrial Average fell by 1089 points this morning. Kindly practice knowledge accrual as opposed to baseless opinion accusations.
Dogg 10 years ago

Petrol should be very cheap in Ghana today, but that has not happened.

Petrol should be very cheap in Ghana today, but that has not happened.
Choose Knowledge 10 years ago

This very well may be due to the fact that the suppliers of oil to Ghana have a centralized monopoly over the industry. The country's main supplier of oil is Nigeria, and they are currently experiencing a decline in crude oil ...
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This very well may be due to the fact that the suppliers of oil to Ghana have a centralized monopoly over the industry. The country's main supplier of oil is Nigeria, and they are currently experiencing a decline in crude oil production as a result of illegal tapping of their pipelines and the destabilization of the oil fields by Boko Haram. As a result of this decline in supply, they have raised the prices of their oil resource, thus directly affecting the pricing of oil and gas products in the Ghanaian economy. There needs to be a paradigm shift towards renewable energy.
Martin/PA 10 years ago

Look at the World major currencies. Except for the USA currency most countries are experiencing this same fate like Ghana. Let's rather build a solid intra African trader to limit the pressure foreign Economies have on Afri ...
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Look at the World major currencies. Except for the USA currency most countries are experiencing this same fate like Ghana. Let's rather build a solid intra African trader to limit the pressure foreign Economies have on Africa.
k. k. A 10 years ago

If my memory serves my right then I recalled when the visionless so called BOG governor indicated that he has found an antidote to curb the falling value of the cedi which he called cedi magic. A word to the fool- Economic is ...
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If my memory serves my right then I recalled when the visionless so called BOG governor indicated that he has found an antidote to curb the falling value of the cedi which he called cedi magic. A word to the fool- Economic issues can't be solved by any magic. It can only be solved by those who are capable and also willing to die for their country. And by those fools who are determined to kill their country for their selfish interests.
Choose Knowledge 10 years ago

That "magic you are referring to is called quantitative easing. It works. Unfortunately Ghana does not posses the currency reserves needed to engage in this form of monetary easing. For the process to be viable, you need exce ...
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That "magic you are referring to is called quantitative easing. It works. Unfortunately Ghana does not posses the currency reserves needed to engage in this form of monetary easing. For the process to be viable, you need excess monetary reserves, a functioning equities, commodities and bond markets & economists that have an understanding of global economics and their effect on countries engaged in this process, be it short or long term.
L.D.Green 10 years ago

Ghana has made the mistake of basing their currency on foreign worthless paper. Ghana should base it's currency on the value of the nations resources.

Ghana has made the mistake of basing their currency on foreign worthless paper. Ghana should base it's currency on the value of the nations resources.
Choose Knowledge 10 years ago

For Ghanaians to base their currency's value on its nation's resources, there needs to be an agreed upon consensus by other national governments that we trade with. If they choose not to adhere to this change, this proposal c ...
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For Ghanaians to base their currency's value on its nation's resources, there needs to be an agreed upon consensus by other national governments that we trade with. If they choose not to adhere to this change, this proposal cannot move forward, as the currency will posses no form of intrinsic value to their economy by saving our currency amongst their foreign currency reserves. This will devalue the cedi world wide, then you truly will be stuck with your own "Worthless Paper". We have no gold reserves to back the currency with. What are you going to back it with? Gari? Choose Knowledge.
Budu Yaw Asamoa 10 years ago

This NDC govt is nothing but bunch of failures

This NDC govt is nothing but bunch of failures
KB 10 years ago

am not down playing wat u said but just want to ask a question. had the taste of Ghanaians for foreign goods changed wen the cedi stood almost 1:1 with the $ for about 8yrs?
i agree we shud change our taste for foreign goods ...
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am not down playing wat u said but just want to ask a question. had the taste of Ghanaians for foreign goods changed wen the cedi stood almost 1:1 with the $ for about 8yrs?
i agree we shud change our taste for foreign goods but u also know without a stable economy, industries will collapse. its govt responsibility to stablize the economy, afta dat it has d3 power to place bann on certain tins dat are being produce here as a means of protecting local industries and also cutting down the taste for foreign tins.
for example, if i need toyota camry & govt has placed bann on importation of foreign cars as a neans to a locally manufactured car industry, will get access to desired car?
NO. i will be forced to buy d3 locally manufactured one.
KB 10 years ago

***correction***
govt has
placed bann on importation
of foreign cars as a means
to protect a locally manufactured
car industry, will i get access
to my desired car?
NO. i will be forced to buy
d3 locally manufactured
...
read full comment

***correction***
govt has
placed bann on importation
of foreign cars as a means
to protect a locally manufactured
car industry, will i get access
to my desired car?
NO. i will be forced to buy
d3 locally manufactured
one.

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Cedi crashes against major foreign currencies

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