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Is The Ghanian Cedi Stronger Than Naira? - Politics (2) - Nairaland

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Re: Is The Ghanian Cedi Stronger Than Naira? by PointB: 7:59pm On Jun 16, 2015
Dollyak:

As at 2013 ghanian economy was one of the most promising in the world. Gosh, surprise to see this downturn of fortunes.

Promising simply because they added 'oil data' to their GDP. As soon as the settled, it became business as usual. Ghana is actually one of the worst managed economies in West Africa.

They are lucky to have comparatively low population in comparison to their landmass.

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Re: Is The Ghanian Cedi Stronger Than Naira? by Nobody: 8:07pm On Jun 16, 2015
Dollyak:

As at 2013 ghanian economy was one of the most promising in the world. Gosh, surprise to see this downturn of fortunes.
All lies. That country is terrible I made a mistake even going to school there. Can't just wait to finish and run before it collapses. Africa is a jungle but Nigeria is a zoo

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Re: Is The Ghanian Cedi Stronger Than Naira? by networkrecharg: 8:09pm On Jun 16, 2015
[size=40pt]
PointB:


SO U MEAN I AM AN INDIA GOAT?
Its my grand father fault shaaa.
[/size]
Re: Is The Ghanian Cedi Stronger Than Naira? by networkrecharg: 8:10pm On Jun 16, 2015
[size=30pt]
PointB=34834932:
Google...
[/size]
Re: Is The Ghanian Cedi Stronger Than Naira? by PointB: 8:10pm On Jun 16, 2015
tensazangetsu:
All lies. That country is terrible I made a mistake even going to school there. Can't just wait to finish and run before it collapses. Africa is a jungle but Nigeria is a zoo

Well, at least you didn't have to wait on JAMB. undecided
Re: Is The Ghanian Cedi Stronger Than Naira? by Nobody: 8:21pm On Jun 16, 2015
PointB:


Well, at least you didn't have to wait on JAMB. undecided
I did got an admission in nigeria here for mechanical engineering. But I wanted to do marine engineering it was either ghana or egypt and ghana is close by. Didn't wanna go to europe was afraid of learning a new language but if I knew then what I know now. Would have taken that risk
Re: Is The Ghanian Cedi Stronger Than Naira? by basty: 8:27pm On Jun 16, 2015
www.oanda.com
Re: Is The Ghanian Cedi Stronger Than Naira? by PointB: 8:33pm On Jun 16, 2015
tensazangetsu:
I did got an admission in nigeria here for mechanical engineering. But I wanted to do marine engineering it was either ghana or egypt and ghana is close by. Didn't wanna go to europe was afraid of learning a new language but if I knew then what I know now. Would have taken that risk

I see.

Just brace it.
Re: Is The Ghanian Cedi Stronger Than Naira? by truefact: 8:57pm On Jun 16, 2015
They are incomparable. ..naira is way ahead of cedis...cedis is on its worst... is start since 2011 and now worst. ..check it dollar, 100 dollars equals more than 400 cedis while it is 19500 naira. .. 200 cedis equals 10,000 naira instead of 20,000 Naira.....many people has lost their fortune due cedis fall

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Re: Is The Ghanian Cedi Stronger Than Naira? by Wallie(m): 9:14pm On Jun 16, 2015
frankmoney:
I got into an arguement with a friend about ghana cedi being stronger than naira ...I have heard about the redomination ghana did a few years back but dont know how it works ...I saw an exchange rate just now which shows d ghana cedi being stronger than the japanese yen. does that mean ghana has a stronger economy than nigeria and japan

No. As a country, you try to weaken your currency based on whether you're an import/export based economy.

If your economy is largely based on export, you want a weaker currency because it will make your goods cheaper abroad and when money gets repatriated to your country, you will have more of it in your local currency.

If your currency is strong, ideally, it should mean you're an import-based economy like Nigeria. For example, if NGN 1 = $2, that means that a car imported from the US at a cost of $100,000 will only cost NGN50,000 in Nigeria. The populace will be more prosperous.

In Nigeria, we need a carefully balanced currency peg because we are somewhat of an export-based when generating revenue but an import-based economy when consuming goods.

Here's a research topic for someone doing their thesis in economics: what should be the ideal peg of Naira to a dollar based on our current consumption? The answer will depend on how much we earn from exporting relative to how much we spend on imported goods.

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Re: Is The Ghanian Cedi Stronger Than Naira? by 4xstore: 9:16pm On Jun 16, 2015
Me I think it has to do with the purchasing power of the country. and going by the economic terms, i believe Nigeria is more stronger. Ghana currency was reevaluated some years back. Although, Nigeria has got y
Re: Is The Ghanian Cedi Stronger Than Naira? by Dollyak(f): 10:18pm On Jun 16, 2015
Wallie:


No. As a country, you try to weaken your currency based on whether you're an import/export based economy.

If your economy is largely based on export, you want a weaker currency because it will make your goods cheaper abroad and when money gets repatriated to your country, you will have more of it in your local currency.

If your currency is strong, ideally, it should mean you're an import-based economy like Nigeria. For example, if NGN 1 = $2, that means that a car imported from the US at a cost of $100,000 will only cost NGN50,000 in Nigeria. The populace will be more prosperous.

In Nigeria, we need a carefully balanced currency peg because we are somewhat of an export-based when generating revenue but an import-based economy when consuming goods.

Here's a research topic for someone doing their thesis in economics: what should be the ideal peg of Naira to a dollar based on our current consumption? The answer will depend on how much we earn from exporting relative to how much we spend on imported goods.
Great analysis. People fail to realise this when demanding for $1=#1 from buhari.

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Re: Is The Ghanian Cedi Stronger Than Naira? by DBlackCeazer(m): 11:23pm On Jun 16, 2015
Dollyak:
Anyways, at this moment in time ghanian economy is more healthy/stronger than the Nigeria ones due to obvious reasons.
get your facts right ma.
Re: Is The Ghanian Cedi Stronger Than Naira? by Wallie(m): 4:48pm On Jun 17, 2015
Dollyak:

Great analysis. People fail to realise this when demanding for $1=#1 from buhari.

They only think about the buy side of the equation and not how their export-dependent government will be able to pay their next salary!

I guess the government can also just lob two zeroes off the Naira and rebase it. That will mean that a salary of N100,000 will now be N1000 and a loaf of bread will now be NGN2 instead of NGN200.
Re: Is The Ghanian Cedi Stronger Than Naira? by tpiadotcom: 9:08pm On Jun 17, 2015
ramdris:
Don't u think it will be faster to get the answer on google than nairaland? undecided Just thinking....

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