Hey guys, i got into an arguement last night regarding this currency of a thing and one of my opponent was still standing on the fact that the ghana cedi is not stronger than the naira despite checking the exchange rate.

he also said 600 cedi is their 6millionand i was like pls share ur thought so i can have him read it cos he no won gree say ghana cedi strong pass this yeye naira wey don lose value.

No

Yea

Is Not, if u knw the economics jargons

He must have reversed his years by about 15years.
current exchange rate shows clearly that the Cedis is stronger. That they still call 'million Cedis' in Ghana is to help those people understand the currency notes they were used to years back.

sholatech:
He must have reversed his years by about 15years.
current exchange rate shows clearly that the Cedis is stronger. That they still call 'million Cedis' in Ghana is to help those people understand the currency notes they were used to years back.

The Cedi was redemoninated some years back and some zeros was removed from it.

Plus that a currency has a higher value does not make not stronger. The Dinar had a highrt value thab Dollar but which is stronger?

4 Ghana Cedis and 50 peswes= 1 dollar.

360 Nigeria Naira = 1 dollar


Ghana Cedis has value more than Nigeria naira.

may i ask u a simple question and i want you to give me a simple reply; which country will u choose to work wen offered a job for the same amount digits, e.g 1million naira or 1million cedi when 1million cedi = more than 80million naira...am just asking ni ooo

Mynd44:

The Cedi was redemoninated some years back and some zeros was removed from it.

Plus that a currency has a higher value does not make not stronger. The Dinar had a highrt value thab Dollar but which is stronger?

alexabeb:
may i ask u a simple question and i want you to give me a simple reply; which country will u choose to work wen offered a job for the same amount digits, e.g 1million naira or 1million cedi when 1million cedi = more than 80million naira...am just asking ni ooo

Economic indices and wage are not calculated that way. The minimum wage in Nigeria is 18,900. Can someone get that corresponding job in the US for $18,900?


If a company has branches in Nigeria and Ghana, they wont pay their front desk attendant 50k Naira and also the one in Ghana 50k cedis will they?

i grab, what am trying to say is that; will u rather earn a million cedi than earn a million naira?

Mynd44:

Economic indices and wage are not calculated that way. The minimum wage in Nigeria is 18,900. Can someone get that corresponding job in the US for $18,900?


If a company has branches in Nigeria and Ghana, they wont pay their front desk attendant 50k Naira and also the one in Ghana 50k cedis will they?

Oga Myndd44 the dinar is stronger than the dollar and the Cedi is stronger than the Naira. This is not rocket science. If a currency exchanges for more it is stronger.

ok. question is what is the definition of currency strength and currency value? these questions answered and there won't be arguments any longer

Some of you guys are getting it all wrong.
i still remember in 2007 when i was in Ghana they carried out redenomination and cancelled about 000.. from their currency.
So then they had 10,000 GH Cedi note which is now equivalent to 10 Cedi currently.
However, the true value is 10,000 Cedi but they lower the denomination.
Imagine Zinbabwe which have about 100,000 note deciding to cancel the entire 5 Zero.. and they 1 Zinbabwe note.
Will that make it better than naira

so mr judge, wat r u trying to say ooo

Firmjudge:
Some of you guys are getting it all wrong.
i still remember in 2007 when i was in Ghana they carried out redenomination and cancelled about 000.. from their currency.
So then they had 10,000 GH Cedi note which is now equivalent to 10 Cedi currently.
However, the true value is 10,000 Cedi but tgey

alexabeb:
so mr judge, wat r u trying to say ooo

He's trying to say that you are ignorant, which is very much evident.

When they say Africans are ignorant and dont read...we go dey ves.
Someone up there explained "redenomination " to you,you still dey claim that the cedi is stronger.
The naira is faaaaaaar stronger than cedi.
Several years ago they removed some zeros from their currency to make is "sound" strong.
Is just like Nigerian govt calling our 1000 naira bill 1naira.
Does that now make it strong?

Firmjudge:
Some of you guys are getting it all wrong.
i still remember in 2007 when i was in Ghana they carried out redenomination and cancelled about 000.. from their currency.
So then they had 10,000 GH Cedi note which is now equivalent to 10 Cedi currently.
However, the true value is 10,000 Cedi but they lower the denomination.
Imagine Zinbabwe which have about 100,000 note deciding to cancel the entire 5 Zero.. and they 1 Zinbabwe note.
Will that make it better than naira

please don't mind my ignorance . I no go school.


You mean since 1 Ghanaian Cedi equals
75.83 Nigerian Naira, it's same thing as saying 1000 Ghanaian Cedi equals
75.83 Nigerian Naira?


If that's the case, what's the implication of the removed zeros?

This ignorance and arrogance must stop.Yes Ghanaian currency is stronger than the Chinese yen and the Japanese currency.Including the South African rand and any most other currencies in Africa and world wide.The issue is the Chinese and Japanese currency has been on a planned devaluation in order to reduce the likelihood of Americans and Europeans from investing in the country and later redrawing all their investment to cripple the economy.China and Japan unlike Africa exports goods worth trillions of dollars than importation so they don't really use the dollar and so they keep them as huge dollar reserves so the worser their currency the better for them so the others don't take advantage of their strong currencies.Remember Greece were in huge financial crises due to the strong value of the Euro.For Africa it is opposite of the Asian countries.We import 98 percent of our daily commodities and export few due to the raw exportation of our natural resources.We don't even process or refine them for exports so there is little value and we end up gathering all the local currencies to exchange it for the few dollars in our system and the foreign companies are given the chance to recoup and send all their profits in offsore accounts so our currency becomes weaker every time and we have little or no proper dollar deserve.The Cedi is stronger than the Naira.Do you know the billions of dollars pumped into the redomination in Ghana 2007.There had to be retrieve of all the old currencies in exchange for new ones nationwide.If it was that easy ,Turkey,Zimbabwe,Venezuela would have done it.It was a multi billion dollar redomination.Why do you think Nigeria have not tried it all these decades of falling of the failing Naira.Now your Kobo is useless.Ghana still uses its coins.About the so called purchasing power it varies.The cost of living in US is higher than Ghana.A bottle of coke in US is $1.78 which is about 9.8 Ghana Cedis.The same bottle produced by CokaCola sells it for 1.00 Ghana Cedis.So who has a better so called purchasing power.Mind you,taxes in Ghana are far higher and Value Added tax is added abnormally to these manufactured protects.This is because an average Ghanaian enjoys better Electricity,Water,infrastructure,free and better health,better equipped security relative to population size and other factors therefore increasing the standard of living and automatically cost of living than Nigeria.Ghana pays for higher petrol prices than Nigeria because there is no government subsidies on petrol.Prices are determined by demand and supply which is a real capitalism unlike maybe Nigeria with government intervention.All the Same,1cedi equals about 65 naira.This makes the cedi more valuable than the naira and even the Japanese yen.It doesn't mean we are richer than them.The Asians intentionally trickle down their value of their currency to discourage imports and encourage exports which they do it perfectly