Ghana's Cedi Is Now Almost Equivalent To The Dollar! - Foreign Affairs - Nairaland
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| Ghana's Cedi Is Now Almost Equivalent To The Dollar! by Decryptor(m): 1:15pm On Nov 09, 2009 |
Guys, i got the shocker of my life today. I heard some months back that Ghana's economy has improved tremendously. I didn't know to what extent though, only for me to check their exchange rate and guess what? It is $1 to 1.8 cedis. Imagine Ghana of yesterday when you would need to spend about 50,000cedis to eat breakfast and billions to buy a tokunbo car. Chei!!! This is a big lesson for Nigeria!!! |
| Re: Ghana's Cedi Is Now Almost Equivalent To The Dollar! by Ibime(m): 1:33pm On Nov 09, 2009 |
Yeah, thats because they knocked off a few zero's off the back of their currency like Zimbabwe. 1 Like |
| Re: Ghana's Cedi Is Now Almost Equivalent To The Dollar! by RSA(m): 3:07pm On Nov 09, 2009 |
Decryptor: If that means your yesterday cedis(the one you paid your breakfast with) are now close to 40 000 US dollar then indeed Ghana's economy is doing very very well,but if your yesterday 50000cedis is called old money and worth 5 new cedi then don't get too excited.So which one? |
| Re: Ghana's Cedi Is Now Almost Equivalent To The Dollar! by jaybee3(m): 3:09pm On Nov 09, 2009 |
na wa oh  |
| Re: Ghana's Cedi Is Now Almost Equivalent To The Dollar! by MandingoII(m): 10:19pm On Nov 09, 2009 |
you are aware that they BORROWED $900 MILLION dollars from the IMF/World Bank. If they default (and they probably will) their currency will PLUNDGE to the depths of hell and the poor Ghanian people will be scrambling in the street. |
| Re: Ghana's Cedi Is Now Almost Equivalent To The Dollar! by Nobody: 6:11am On Nov 13, 2009 |
@poster You just noticed? They devalue their currency since January 2008  The cedis was stronger than the US Dollar then, it was ratio 500cedis - 475USD. I was there, it's just simple logic, everything still remains the same:::: That doesn't mean you will be able to get job easily or people won't migrate to abroad, That is what Soludo wanted to do in Nigeria::: De-valuating the countries currency doesn't make it a better place, it just make the currency strong, transactions easier and reduces money inflation. Also economy growth gradually but it will take a lot of time |
| Re: Ghana's Cedi Is Now Almost Equivalent To The Dollar! by Lwandle(m): 3:21pm On Nov 13, 2009 |
Goodness me how can DEVALUEING something make it STRONGER  Is that not a first class contradiction? DEVALUEING makes your currency WEAKER full stop!!! Ghana has been chopping of zeros from their currency the last time they removed 3zeros I think about 3 years ago! REVALUEING your currency on the other hand makes transactions easier and reduces the amount of useless paper floating around! It does not make any impact economically or anywhere else except in my above sentence! |
| Re: Ghana's Cedi Is Now Almost Equivalent To The Dollar! by misterh(m): 8:05pm On Apr 14, 2010 |
That is a growing economy, not like the regressing one like , |
| Re: Ghana's Cedi Is Now Almost Equivalent To The Dollar! by deb(m): 6:06am On Feb 20, 2013 |
Ignorance can actually kill... Stop deceiving yourself and your Ghana fans. |
| Re: Ghana's Cedi Is Now Almost Equivalent To The Dollar! by igbo2011(m): 5:39am On Feb 21, 2013 |
It is overvalued. This is bad from an economic stadpoint. If things channge then thre will be a huge economic effect. What if imf does austerity? It will be bad. |
| Re: Ghana's Cedi Is Now Almost Equivalent To The Dollar! by gst101: 10:58pm On Feb 21, 2013 |
people like the poster are the ones who come here and bring down nigeria and raise other people to the point they are not. Dont get me wrong. Ghana can be what ever it wants be but we shouldnt go about exibiting an embarrasing level of ignorance. |
| Re: Ghana's Cedi Is Now Almost Equivalent To The Dollar! by panafrican(m): 7:34pm On Feb 22, 2013 |
stronger national currency in the midst of a non -competitive national economy can badly hurt. |
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