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Ghana Looks To IMF For Salvation As Cedi Falls By 40% - Foreign Affairs (2) - Nairaland

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Angola, Hit By Collapse Of Oil Prices, Seeks IMF Aid / Ghana Finally Runs To IMF For Financial Aid As Economy Crumbles - BBC / Ghana's Cedi Is Now Almost Equivalent To The Dollar! (2) (3) (4)

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Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by iamord(m): 9:24am On Nov 04, 2014
ichidodo:
Devaluing the currency will help make exports cheaper thereby increasing foriegn demand inaddition to boosting local-production,employment and house-hold incomes.Even in a trade-by-barter system,the economy is stronger when exports exceed imports how much less a cedis based system.But with the re-domination or 'artificially' pegging the currency close to the dollar without requisite social,financial and infrastructural platforms to buff the currency as unscrupulous hedgefunds obtain that 'artifcial leverage' to pursue dollars,exports have become expensive with reduced foriegn demand and local production..There is trouble when house-hold incomes are reduced significantly with goods and services relatively expensive and businnesses suffering losses as a result of reduced patronage.Not devaluing the currency at this stage is like blowing up a ballon watchin when it will go bust...Ghana's ballon is due for an economic bust...

Yes you are right. Buut on the other hand that was not the main cause of the problem. The same way u have apc pdp issues here.same goes to ndc npp over there.. There are political screw ups . A ghanaian will understand this better.. And how worse can it get?? The worse has already happened .. And still no balloon will burst.. Don't be to expecting for the negative. Cos the cedi is already gaining strength, and policies are working to avert the situation

1 Like

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by ichidodo: 9:43am On Nov 04, 2014
iamord:


Yes you are right. Buut on the other hand that was not the main cause of the problem. The same way u have apc pdp issues here.same goes to ndc npp over there.. There are political screw ups . A ghanaian will understand this better.. And how worse can it get?? The worse has already happened .. And still no balloon will burst.. Don't be to expecting for the negative. Cos the cedi is already gaining strength, and policies are working to avert the situation
Economic downgrade by S&P, i don't suppose, has anything to do with political screw ups or that of sourcing bail out funds from IMF anything with NDC/NPP rivalry.These negatives entails the dire straits the ghanaian economy is facing and if there is a calm as you opined then believe us when we say " it is the calm before the storm"...

1 Like

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by IAMGEJ(m): 9:52am On Nov 04, 2014
Must you pple compare? We are all africans!!!!!!
Na wa o,
bercarray:
that is,nigeria's money is still better than theirs,so wit dat,are we better than them? If no,then ds information Africans hate dem selves more than d white men do. or ds thread shd i say,is useless
Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by MadCow1: 9:53am On Nov 04, 2014
Why should anyone want to help Ghana.. angry




They should kneel and Kiss Jonathan's ring and call him Godfather first..

Those Aponchi Niggas closed down Nigerian owned businesses in Ghana out of bad belle.. Now their toilet roll money has worse value than it did prior to the redenomination.

15 Likes 1 Share

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by Nobody: 9:54am On Nov 04, 2014
nigerianvenom:


pls explain how
grin grin lipsrsealed
Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by IAMGEJ(m): 9:55am On Nov 04, 2014
grin grin grin grin grin
egift:


My guy, what is your problem that I posted the current Exchange rate? Must you fight over everything?

Up One Nigeria - all the way!

2 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by tigonana: 9:57am On Nov 04, 2014
Mke I carry chair dey read comment,dose ghanian wey dey dis plce now go dey trow stone to us now.despite d fact say we wan gve dem advice. grin

3 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by PhockPhockMan: 10:02am On Nov 04, 2014
It's times we Africans should look inward for the solution to our problems. Solutions gotten from organization like IMF is like what I describe as
BRING HEAD TO TAKE HEAD.

1 Like 1 Share

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by MadCow1: 10:05am On Nov 04, 2014
tigonana:
Mke I carry chair dey read comment,dose ghanian wey dey dis plce now go dey trow stone to us now.despite d fact say we wan gve dem advice.


They would throw stones... But Unfortunately, they are hungry and weak and thus have no energy to throw nothing.


I would be surprised if they can still afford Internet sef.





1 Like

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by Nobody: 10:05am On Nov 04, 2014
Can someone explain this

2 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by asala1: 10:05am On Nov 04, 2014
egift:
1 Ghana Cedi = 52 Naira shocked

Poor logic, check what the exchange was at the beginning of this year.

2 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by tigonana: 10:08am On Nov 04, 2014
0703471542907034715429
MadCow1:



They would throw stones... But Unfortunately, they are hungry and weak and thus have no energy to throw nothing.


I would be surprised if they can still afford Internet sef.





Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by Benbisco(f): 10:08am On Nov 04, 2014
postmann:
having the world's worst currency, applying to IMF for an economic bailout.....how does this transcend into a steady economy? This is the second time in 5 years the cointry is running to IMF. READ MAN, READ.

I think he is prophesying.

2 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by maylisa(f): 10:11am On Nov 04, 2014
Why going to IMF when you have your Nigerians brothers and sister around. Ghana should just apologise to Nigerians for closing down their shops out of envy, then beg the likes of mike adenuga, TB Joshua etc. Sure they will be glad to help without intrest. What re brothers for

2 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by egift(m): 10:11am On Nov 04, 2014
asala1:
Poor logic, check what the exchange was at the beginning of this year.

When I post that comment the title of this thread was - Ghana's Cedi Is Worst World Currency

Also I never said it has not lost value. I only posted the current exchange rate, meaning it is not the worst in the world.
Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by PhockPhockMan: 10:12am On Nov 04, 2014
iamord:


Seriously.. U have little idea or no idea on what is going on
Please tell us.
Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by MadCow1: 10:12am On Nov 04, 2014
Buoyantic:
Can someone explain this


[b]Yes...


1 Ghana Cedis = 10,000 Ghana Cedia (before the redenomination).. So Technically, the value is the same..

Now when I lived in Ghana, the Highest exchange rate the Dollar ever reached against the Cedis was 100 Dollars - 1.4 Million Cedis (140 GHC)..

But today, the Exchange rate is 100 USD = 328 GHC (3.28 Million Old Ghana Cedis).. That explains why their currency is in trouble because they are actually getting worse and worse..



The Cedis you see today was created recently after they divided all their currencies by 10,000.. So 10,000 Cedis Note became 1 Cedis.. So 1 Cedis was still buying what 10,000 Cedis was buying.. They only fooled themselves, not Market economics.

So though the numbers look like they are doing better than the Naira, multiply that figure you see by 10000 to get the actual original value of the Cedis..


Ghana would soon come running to Nigeria again as refugees... Thats why I have invested all my Money into this business;




[/b]

38 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by zappyj(m): 10:14am On Nov 04, 2014
shocked :oDem go flood NL begin make noise instead of them to think of how to change their economy, all these banku and tilapia boys ;DDem go flood NL begin make noise instead of them to think of how to change their economy, all these banku and tilapia boys grin :

2 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by MadCow1: 10:14am On Nov 04, 2014
egift:
1 Ghana Cedi = 52 Naira shocked


1 Ghana Cedis = 10,000 Ghana Cedis (before the re-denomination)

So Therefore

52 Naira = 10,000 Ghana Cedis..

grin

15 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by Dreyl(m): 10:21am On Nov 04, 2014
I know ghana has been a prodigal son to us maybe we should just forgive and help them before their economy sink into the ocean like Titanic.

4 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by tigonana: 10:21am On Nov 04, 2014
grin
Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by tigonana: 10:24am On Nov 04, 2014
Dreyl:
I know ghana has been a prodigal son to us maybe we should just forgive and help them before their economy sink into the ocean like Titanic.
grin

2 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by zeembab(m): 10:25am On Nov 04, 2014
Ghana continually live in illusion....I was part of the team that help with redenomination of cedi in some banks back then in 2006. The exercise made cedi looks better than other Africa currencies by keeping it at par with dollar. Just six years down the line ......the cedi has lost most of the artificial gains. I hope the government will the right economy model to bring the country out of this conundrum.

2 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by Orina(m): 10:26am On Nov 04, 2014
egift:
1 Ghana Cedi = 52 Naira shocked

*adds four (0000) zeros previously removed from the cedi*
here you go sir:
10,000 Ghana cedis = 52 Naira

4 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by Nobody: 10:28am On Nov 04, 2014
MadCow1:



[b]Yes...


1 Ghana Cedis = 10,000 Ghana Cedia (before the redenomination).. So Technically, the value is the same..

Now when I lived in Ghana, the Highest exchange rate the Dollar ever reached against the Cedis was 100 Dollars - 1.4 Million Cedis (140 GHC)..

But today, the Exchange rate is 100 USD = 328 GHC (3.28 Million Old Ghana Cedis).. That explains why their currency is in trouble because they are actually getting worse and worse..



The Cedis you see today was created recently after they divided all their currencies by 10,000.. So 10,000 Cedis Note became 1 Cedis.. So 1 Cedis was still buying what 10,000 Cedis was buying.. They only fooled themselves, not Market economics.

So though the numbers look like they are doing better than the Naira, multiply that figure you see by 10000 to get the actual original value of the Cedis..


Ghana would soon come running to Nigeria again as refugees... Thats why I have invested all my Money into this business;




[/b]
wow thanks bro I never knew that...so our naira is bigger than cedis

3 Likes

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by Godmother(f): 10:33am On Nov 04, 2014
bercarray:
that is,nigeria's money is still better than theirs,so wit dat,are we better than them? If no,then ds information or ds thread shd i say,is useless

And how does being better than Ghana change the price of garri in the market or solve our employment problem in Nigeria. You had better channel your wish pattern to more productive things

3 Likes 1 Share

Re: Ghana Looks To IMF For Salvation As Cedi Falls By 40% by Nobody: 10:34am On Nov 04, 2014
egift:
1 Ghana Cedi = 52 Naira shocked

It used to be 1 cedi = 60 naira b4 they "upgraded" to 1cedi = 1us dollar.....

Now they are back to where they belong...lol

3 Likes

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