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Nairaland Forum / Nairaland / General / Politics / S&P Downgrades Ghana Cedi To "Junk" Status (31069 Views)
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S&P Downgrades Ghana Cedi To "Junk" Status by lezz(m): 8:59pm On Oct 25, 2014 |
S&P’s, which is one of the largest credit agencies in the world, made the assessment arguing that despite successful billion dollar loans issued to Ghana by international investors, the Ghanaian economy was in a precarious situation considering staggering current account deficits. 2 Standard and Poor’s (S&P), today announced that it has downgraded Ghana’s long term currency credit rating from ‘B’ to B-, a move that has moved the Ghanaian cedi dangerously within ‘junk’ status. GhanaFlag/Credit:GhanaNewsMedia S&P’s, which is one of the largest credit agencies in the world, made the assessment arguing that despite successful billion dollar loans issued to Ghana by international investors, the Ghanaian economy was in a precarious situation considering staggering current account deficits. Ghana’s economy has experienced a significant slow down, a situation it has attributed to volatile market prices for key commodities like cocoa and gold. SEE ALSO Ghana Begins Final Round of Talks On IMF Bailout Loan 3 Comments1 Week Ago The country is currently in talks with the IMF to secure an emergency loan which Ghana hopes will help bolster the Ghanaian cedi long enough till Ghana ramps up oil production next year. SOURCE: SAHARAREPORTERS, NEW YORK READ MORE: |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by Abbey2sam(m): 9:59pm On Oct 25, 2014 |
who cares 2 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by flylykace: 3:48am On Oct 26, 2014 |
I dey laugh o 4 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by asala1: 4:06am On Oct 26, 2014 |
The currency is not doing well at the moment, Ghana really needs to do something fast. The trend is bad. 6 Likes
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Re: S&P Downgrades Ghana Cedi To "Junk" Status by lezz(m): 7:39am On Oct 26, 2014 |
asala1:i think they placed the Cedi far more than it was worth, far more than their standard of living could support or their economy reflected. So it isn't surprising everything came crashing down like a dissolving block of sugar. 2 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by Collynzo29: 7:58am On Oct 26, 2014 |
Gaynaian cedis has always been junk. Nothing new. 10 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by Nobody: 8:23am On Oct 26, 2014 |
Where is the Ambassador of Ghana to nairaland; wale112 oya come and defend Gayna. 10 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by Nobody: 8:36am On Oct 26, 2014 |
When I posited that the "mago mago" currency revaluation that ghana did few years ago will hunt their economy, some of them think I was hating. We are now seeing the result. Junk Currency Junk economy 12 Likes 1 Share |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by buzzmania(m): 11:23pm On Oct 26, 2014 |
You worthless boko sons of donkeys be having sleepless nights over Ghana while your stinking godforsaken sh!tthole keeps sinking.Suffering and smiling niggas. 2 Likes
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Re: S&P Downgrades Ghana Cedi To "Junk" Status by Canme4u(m): 11:36pm On Oct 26, 2014 |
May God help Ghana. Sai Buhari2015, no Shaking. 2 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by patwilly(m): 11:40pm On Oct 26, 2014 |
barcanista:can you give me a link to this post you made barcanista? will appreciate it. thanks. 1 Like |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by doublewisdom: 12:25am On Oct 27, 2014 |
From Ghana Must Go to Ghana Must Die!!! Abeg I no fit laugh. 9 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by lezz(m): 9:54pm On Oct 27, 2014 |
buzzmania:it hasn't sunk yet to the level Of an IMF bail out....hahaha. 6 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by lezz(m): 9:56pm On Oct 27, 2014 |
A certain bowl-begging neighbour had the stupidity of proposing to supply Nigeria electricity. From money gotten from IMF on her knees, i guess. |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by buzzmania(m): 10:41pm On Oct 27, 2014 |
lezz:Yeah right! Your sh!tty jungle hasn't only sunk but drowned as well thus cant be revived again. 1 Like |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by dotna(m): 12:55am On Oct 28, 2014 |
Wow ! And I was supporting soludo then to revalue naira by scrapping two zeros. 5 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by lezz(m): 6:11am On Oct 28, 2014 |
buzzmania:only in your warped mind, lunny. Current information reaching us says your country is on all fours, crying up to IMF for a bailout. 2 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by RockMaxi: 7:12am On Oct 28, 2014 |
dotna: Not only you, our shortsightedness then would have cost us our economy. I could vividly remember it was the poor pitched against the rich then. We even thought it will make everybody equal reason why the rich rejected it.. Fast forward to today, I am personally opined that what happened in Ghana is just a confirmation that IMF policies are meant to perpetually enslave African Countries economically... 3 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by buzzmania(m): 6:40pm On Oct 28, 2014 |
lezz:Still better compared to your already drowned boko zoo. 1 Like |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by lezz(m): 8:17am On Nov 02, 2014 |
buzzmania:A zoo that has morphed into your cultural, economic and social colonist. 1 Like |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by brownlord: 8:25am On Nov 02, 2014 |
patwilly: lol, free my guy na abeg. 1 Like |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by buzzmania(m): 5:43pm On Nov 02, 2014 |
lezz:Hahaha! Rantings of deluded mofo.You better stop inhaling generator fumes. 1 Like |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by Caseless: 7:48pm On Nov 02, 2014 |
dotna:that's d singular reason ghana is 'suffering' today. They will do all they can to weaken d ghana cedi for d dollar. I pity ghana sha, even thou they hate nigerians. 4 Likes 1 Share |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by gists: 8:02pm On Nov 02, 2014 |
barcanista: I told people if improvement of national currencies is as easy as just knocking off some digits (like soludo wanted to introduce), every nation in the world would have done it. I believe the strength of a nations economy is not tied to how you artificially manipulate currency, its more about what you contribute to the world i.e more of export than import - how many countries do we export to? You just can't artificially manipulate the currency (like Abacha fixing USD at #22 or thereabout) while you import virtually everything you need in the country (as bad as importing toothpicks, even petroleum products) and you expect all will be fine forever. It was just a matter of time before the bubble will bust as we now see in the case of Ghana. 4 Likes 1 Share |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by Descartes: 8:05pm On Nov 02, 2014 |
That's exactly what you get when you built your economy on deceit. Hope GEJ and his Economic Team are learning from this sad event in Cediland |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by iamord(m): 8:39pm On Nov 02, 2014 |
Caseless: Its annoying when you guys come up with conclusions when you are not even clear of what is going on in ghana.. And base it as the truth The knocking off of the zeros was not the problem but corruption , gross mismanagement , budget deficit ,low eport commodity prices.. And the present govt over exptectance on the crude.. All this affected the cedi. But the cedi is not the main problem. I am tired of hearing that.. As u pity for ghana pity for nigeria to.. Both countries are in a mess 3 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by lezz(m): 9:13pm On Nov 02, 2014 |
buzzmania: I rather inhale all the gen fumes there are in Nigeria, than become a coal black retardd who has become a 21st century slave with no shame. Your presido has become notorious for touring all the capital cities of the West with a presidential begging-bowl begging for aid to feed 25 million docile, black-than-black nicompoops. Your "Steady" electrity didn't help you from having a laughing $30 billion GDP. Neither did it help your currency from becoming IMF writing sheet. Dullard. 5 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by Caseless: 12:48am On Nov 03, 2014 |
iamord:what kind of corruption cud hav put ghana in dis mess? I'm sure we hav that problem(corruption) too, even worst than ghana and , we havn't cried out like ghana is doing right now. There was economical mistake somewhere and, ghana is paying for it. 5 Likes 1 Share |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by gists: 4:35am On Nov 03, 2014 |
iamord: Its pretty difficult to believe corruption and all the highlighted mismanagement in Ghana supersedes that of Nigeria. Which of these does Nigeria not have two folds or even more? So your argument doesn't really stand well. But you can argue that earnings from oil exports probably protect/helps Nigeria. But I also agree with your last two sentences. 3 Likes |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by iamord(m): 8:30am On Nov 03, 2014 |
gists & Caseless - must the corruption situation in ghana get to Nigeria level before you believe its a problem? Although Caseless I agree that “There was economical mistake somewhere and, ghana is paying for it” but I take it that nigerians are not complaining about their countries situation because they are used to it. And little is done to reverse that. That's why fela sang suffering and smiling. Back to the ghanaian issue from my own point of view, its true that there has been financial indiscipline and ghana is paying for it. It still burns down to corrruption and mismanagement .But I still stand that the re-denomination is a secondary cause. The main causes are Dollarization of the ghanaian economy,rising import demand in the presence of weak export growth. Over reliance on the export of agriculture products with litter or no value-added, falling commodity prices like the gold and cocoa. fueled with all this, it increase The risk on the redenomination process. Unlike ghana, nigeria has had most of its present issue for long and has known how to blend with it. Nigerians depend more on alternative power supply since power has been erratic since I don't know when. which is in contrast to ghana. And Nigeria has the oil exports to fall on to.. Till the prices fully drop, the obj to this present gej regime has also done better in terms of promoting locally made finish goods.. The likes of dangote helped turn nigeria from net importer of cement to an exporter. And adding more value to cassava and turning it into finished products.. Etc . Imagine if it was the opposite what nigeria economy would be like. Although there are insensitive like that in ghana there is still more to be done as well as in nigeria. There was high hopes on ghana oil sector coming up before this down turn . That would have been an arm rest But delays in projects et all made things plunge deeper. And nigeria gas supply through the gas pipeline has been below average there by worsening issues 2 Likes 1 Share |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by lezz(m): 7:46pm On Nov 03, 2014 |
iamord:Hehehehe, see excuse and excuse. Ghana failed because her economy is heavily dependent on foreign aid. www.jamestown.org/programs/chinabrief/single/?tx_ttnews%5Btt_news%5D=36051&tx_ttnews%5BbackPid%5D=25&cHash=e43b5c77ed By the way you sound more Nigerian than ghanaian. Still being drawn by the Nigerian Magnet ? |
Re: S&P Downgrades Ghana Cedi To "Junk" Status by iamord(m): 9:35pm On Nov 03, 2014 |
lezz: Attention seeker .. You have been noticed |
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