Steve,
The cedis woes are due to:
(1) lack of confidence in the economic credentials of the NDC govt
(2) uncontrolled (nearly reckless) spending habits of the NDC govt
With increases in the tax base, gold and cocoa pric ... read full comment
Steve,
The cedis woes are due to:
(1) lack of confidence in the economic credentials of the NDC govt
(2) uncontrolled (nearly reckless) spending habits of the NDC govt
With increases in the tax base, gold and cocoa prices and previously non-existing oil revenue, the NDC govt could have done better in managing the cedi but this has not been done
The BoG is controlled by the govt, required actions are to be demanded from Tekper and his boss not the subordinate BoG
NICHOLAS 8 years ago
Even though what you are saying may be partially true, the fact still remains that Ghanaians have become consumers more than producers. Our taste for foreign goods have led to the situation where there is always high demand f ... read full comment
Even though what you are saying may be partially true, the fact still remains that Ghanaians have become consumers more than producers. Our taste for foreign goods have led to the situation where there is always high demand for the Dollar and other foreign currencies.
The plight of the cedi is mainly demand and supply situation and not wholly the facts you enumerated.
Hmm 8 years ago
My brother, dont set your own question and mark it yourself. When in 2007 did the kufour government say they were re denominating to equate the cedi to the dollar. The cause of this mess is right at the doorstep of your gover ... read full comment
My brother, dont set your own question and mark it yourself. When in 2007 did the kufour government say they were re denominating to equate the cedi to the dollar. The cause of this mess is right at the doorstep of your governent which you keep voting for because they do the bidding of your tribe. Stop throwing dust into our eyes. Dishonesty will kill this country. One ghana devoid of your devious tribal machinations is what we need.
KOO 8 years ago
You are damn right.The cedi was not renominated to equal the dollar.Why was it very stable against the dollar under Kuffuor and running amok under Mahama?.Ametepey's analysis is flawed and cannot be taken seriously.
You are damn right.The cedi was not renominated to equal the dollar.Why was it very stable against the dollar under Kuffuor and running amok under Mahama?.Ametepey's analysis is flawed and cannot be taken seriously.
Kofi 8 years ago
Export more import less- VERY SIMPLE!
Export more import less- VERY SIMPLE!
Ken Ntiamoa 8 years ago
It is erroneous to blame the current state of the cedi to the re-denomination exercise of 2007.
In the first place, no one ever said re-denomination was meant for the cedi to "compete with the American dollar", or to "equa ... read full comment
It is erroneous to blame the current state of the cedi to the re-denomination exercise of 2007.
In the first place, no one ever said re-denomination was meant for the cedi to "compete with the American dollar", or to "equate the cedi to the dollar."
The cedi is depreciating fast against the US dollar, especially, because of a number of reasons, and I will name a few:
1. In 2007, when the re-denomination exercise took place, the US economy was at it's lowest ebb. In the last year and a half, the US economy has recovered very strongly making its currency equally strong against all major world currencies. Ghana's cedi is just a casualty of this phenomenon and will continue to slide against the US dollar no matter what we do.
2. The Cedi may be sliding faster than other currencies against the dollar US because our economy is not able to keep pace in generating the dollars we need to balance imports with exports.
3. We use our scarce foreign money in importing goods that we can do without; things we consume and not things we need as input to productivity.
4. Our source of forex is mainly from borrowing and not from productivity. We borrow new dollars to service principal and interest payments on foreign debts that have come due.
5. The bulk of the remaining is lost through leakages such payment for lawsuits and siphoning due to outright theft.
6. Up to 10% of all borrowed foreign money is lost on loan arranging/brokerage fees, travel, hotel and roadshow fees by a retinue of Government officials who have no business travelling overseas to arrange loans.
Ken
kk. 8 years ago
the re-denomination did not have any impact on the enconomy it was the intent concern of the then NPP govt to create and share period.
the re-denomination did not have any impact on the enconomy it was the intent concern of the then NPP govt to create and share period.
MARK 8 years ago
Oh yeah, Stevo, you have said it right. The re-denomination of the cedi by Kufour and his cronies was one of the numerous means to loot this country, and he has actually succeeded in doing that. How on earth could that be don ... read full comment
Oh yeah, Stevo, you have said it right. The re-denomination of the cedi by Kufour and his cronies was one of the numerous means to loot this country, and he has actually succeeded in doing that. How on earth could that be done in a third world country like? Even till date, Kufour and his cronies are yet to tell Ghanaians how they have disposed of the old currency. Look Stevo, I have been privileged to have taken part in the destruction of old currencies on several ocassions at Bundase military range. You see, that is why a thing like Bawumia can not convience some of us in this country. He was an integral part of the sorry state of the cedi. Sadly and disgracefully without shame, this is the guy who is all over the place .We know those who used the old currency to purchase dollars for them in the black market. What value is this guy to mother Ghana, after all these mess?Talkikg rubbish and lies all over the country.Only guillible people will believe him. Kufour,Bawumia and his cronies should be blamed sqaurely for the current state of our cedi. Yet they have the gut to talk nonsense against this government.
Yussif Fuseini 8 years ago
To some extent yes I agree with you but the decline of the cedi can not be solely blamed on the re-examination,what do we export and what is the growth level over the years?is there any area we can pride ourselves of doing so ... read full comment
To some extent yes I agree with you but the decline of the cedi can not be solely blamed on the re-examination,what do we export and what is the growth level over the years?is there any area we can pride ourselves of doing so well in the economy?agriculture that should've been our main focus ve been badly damaged . We ve become a nation of importers rather than exporter,as long as corruption remain a good friend of government officials and offen go unpunished,there no way we can develop.
mr amin 8 years ago
It takes economic achievement or your figures are right before one can redenominate your currency u cant be hipic n redeominate yr currency, npp did very well only ndc came to damage everything vote them our 2016.
It takes economic achievement or your figures are right before one can redenominate your currency u cant be hipic n redeominate yr currency, npp did very well only ndc came to damage everything vote them our 2016.
Steve,
The cedis woes are due to:
(1) lack of confidence in the economic credentials of the NDC govt
(2) uncontrolled (nearly reckless) spending habits of the NDC govt
With increases in the tax base, gold and cocoa pric ...
read full comment
Even though what you are saying may be partially true, the fact still remains that Ghanaians have become consumers more than producers. Our taste for foreign goods have led to the situation where there is always high demand f ...
read full comment
My brother, dont set your own question and mark it yourself. When in 2007 did the kufour government say they were re denominating to equate the cedi to the dollar. The cause of this mess is right at the doorstep of your gover ...
read full comment
You are damn right.The cedi was not renominated to equal the dollar.Why was it very stable against the dollar under Kuffuor and running amok under Mahama?.Ametepey's analysis is flawed and cannot be taken seriously.
Export more import less- VERY SIMPLE!
It is erroneous to blame the current state of the cedi to the re-denomination exercise of 2007.
In the first place, no one ever said re-denomination was meant for the cedi to "compete with the American dollar", or to "equa ...
read full comment
the re-denomination did not have any impact on the enconomy it was the intent concern of the then NPP govt to create and share period.
Oh yeah, Stevo, you have said it right. The re-denomination of the cedi by Kufour and his cronies was one of the numerous means to loot this country, and he has actually succeeded in doing that. How on earth could that be don ...
read full comment
To some extent yes I agree with you but the decline of the cedi can not be solely blamed on the re-examination,what do we export and what is the growth level over the years?is there any area we can pride ourselves of doing so ...
read full comment
It takes economic achievement or your figures are right before one can redenominate your currency u cant be hipic n redeominate yr currency, npp did very well only ndc came to damage everything vote them our 2016.