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Nairaland Forum / Nairaland / General / Politics / Ghana Economy Is Falling Down Andlesson For Nigeria (2666 Views)
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Ghana Economy Is Falling Down Andlesson For Nigeria by iamord(m): 8:16am On Aug 11, 2014 |
WHAT HAPPENED TO GHANA …AND LESSONS FOR NIGERIA It did not help matters that Ghana did not treat her neighbors such as Nigerians kindly during their years of abundance. I recalled all the obstacles the Ghanaian government put along the way to dissuade potential Nigerian investors. I'm sure now they wish they hadn't done so, but again, the damage is done, for I can't see those Nigerians rushing out to rescue Ghana from herself. Not so long ago Ghana was the poster child of everything that could go right about sub-Saharan Africa, and this wasn't anything new, the country has always been ahead of the pack. In spite of the works for agitation of independence by people like Herbert Macaulay and Nnamdi Azikiwe both of Nigeria, Ghana managed under Nkuruma to obtain her independence from Britain in 1957, three years ahead of Nigeria and most other African countries. In recent years, Ghana became the place to be in Africa. Their economy was booming, the country was stable with successive peaceful and transparent democratic successions. They had steady light, low inflation, and new offshore oil discoveries that portends vast riches. Ghana became the number one destination for black Americans and Jamaicans for resettlement and for investment. Even Nigerians began flooding the streets of Ghana for business and leisure, while many more simply sent off their children to schools there. In the past few days, however, Ghanaians have taken to the streets in protest about the state of their economy, rising inflation, and the declining value of their local currency. The Ghanaian President, John Muhama, recently indicated that Ghana is about to seek financial bailout from the IMF. Isn't it amazing how times have changed for Ghana, and rather suddenly because just a couple of years ago Ghana was still recognized as the shining example of stability in West Africa. Only last year the country celebrated ten years of uninterrupted power supply, something most Nigerians can only dream about. About six months ago I heard of the first signs that all was not well with Ghana's economy. At first I thought it might be just a minor hiccup, perhaps a small or rather soft landing of an overheated economy, or maybe that it was only an unfounded rumor without any merit. Unfortunately everything I heard turned out to be true, and even worse. I have since wondered what happened to Ghana, how could a well-managed economy with seemingly less corruption than their Nigerian neighbors suddenly take a nose dive? The answer is still blowing in the wind, but there are a few pointers that might lead us to where the problem began. First, sometime ago Ghana decided to revalue their currency, the cedi. Their central bank applied a reverse split that ultimately brought the formerly weak currency to par with the US dollar. For example, if one had one million cedi in the bank, after the reverse split the person may now end up with a thousand cedi, but that cedi will have the same purchasing parity with the US dollar. I recalled publishing an article in the US when Ghana did this, warning them that they are embarking on a never-ending slippery slope. At the time I sighted countries like Mexico that have tried doing this with their Peso and how they have revisited that valuation more than once. In 2007 Nigeria's Central Bank Governor, Chukwuma Soludo attempted a similar revaluation of the Naira, and I published an article (Go East, to China, young man) in which I cautioned against that move. I reposted that same article in March last year, cautioning Sanusi. Fortunately for Nigeria, but for political reasons, the Yar'adua's government stopped Soludo from carrying on the revaluation. I believe that Ghana has revalued their currency more than once since the first time, and currently the cedi has lost 50% of its value this year alone, making it the worst performing currency in the world so far in 2014. As the cedi depreciates, so does the cost of buying products from overseas, which is passed on to the consumers and consequently inflation in Ghana has now topped 15% this year. As mentioned Ghana celebrated ten years of uninterrupted power supply last year. It was as if Nigeria, which has failed to achieve even a day of uninterrupted power supply, decided to rain in on their parade. Nigeria supplies most of the gas used to power the electric plants in Ghana, and lately as Nigeria experienced stoppages due to gas pipeline vandalism, their supply to Ghana was finally affected. And suddenly Ghana began to experience rolling blackouts and just downright power failures that sometimes lasts for weeks in some neighborhood. Well, I say to them, welcome to the Nigerian world. Surely lack of power must have accounted for significant drops in manufacturing and other business activities, especially for people that have grown accustomed to steady power supply through the years, and some might have failed to make necessary provisions for alternative source of power as most Nigerians do. But the major measurable source of decline is about the price of gold. Gold represents about 45% of Ghana's export, and gold prices have declined in recent times, undoubtedly affecting that nation's income. Cocoa has equally been on the decline though Ghana has significantly reduced their dependency on cocoa export since it was the dominant foreign exchange earner for them back in the fifties and sixties. Apparently overreliance on one product as it is with gold in this case has come to bite Ghana harder than they expect. As bad as it is for Ghana that gold represents 45% of their export, can you now imagine what could happen to Nigeria if and when oil prices crash as oil represents well over 90% of our export revenue. The potential outcome is simply unfathomable yet no one in Nigeria's government has taken out time to think seriously about its potentially devastating effects. A few years back Ghana discovered oil in their offshore waters and they have spent quite a bit of money to develop those oil wells. Their planning on what to do with the oil revenue was more structured and acclaimed to be something of a forward thinking approach. But in the end, the amount of oil being tapped have falling far short of expectation. Amid all these shortages here and there, the government of Ghana has become highly stretched, and are now desperately struggling to make up for these shortfalls, but it appears that the damage has been done, and anything short of a major bailout would mean doom for the country. Ghana has come a long way; in 2007 it became the first country in sub-Saharan Africa other than South Africa to issue international bonds. Today, it's unlikely that issuing more international bonds would be part of the solution as those international investors are now fleeing in droves. It did not help matters that Ghana did not treat her neighbors such as Nigerians kindly during their years of abundance. I recalled all the obstacles the Ghanaian government put along the way to dissuade potential Nigerian investors. I'm sure now they wish they hadn't done so, but again, the damage is done, for I can't see those Nigerians rushing out to rescue Ghana from herself. The bottom line is that Ghana is not quite Nigeria. The economy of Lagos and Akwa Ibom combined is greater than that of Ghana, and its population is under 30 million. But there are lessons here for Nigeria. If this can happen to Ghana it surely can happen to Nigeria. Our over reliance on oil for export revenue is one thing that makes Nigeria overexposed to the risk of price fluctuations or worse a crash in price. Our inability to provide constant power supply continues to be a drain on the cost of doing business in Nigeria. Our cost of supporting the Naira is unaffordable to this economy, and I have written about this issue before. There is no doubt that corruption has played some role on what is going on in Ghana, I am certain that we have far greater corruption in Nigeria. And finally, we must always keep our doors open, this is America's best kept secret. Open doors means a constant flow of hungry immigrants that are willing to work harder than the otherwise settled population. We have repeatedly flaunted how Nigeria is growing at 7% annually, it is no longer true. Last year, Nigeria's economy grew at just under 6% but I am sure that your political leaders won't tell you this. And finally, as the Champaign begins to flow in Abuja and across most state capitals in anticipation of next year's election, I hope we still keep our eyes on the ball…on the economy of Nigeria before we suddenly hear stories as it is happening in Ghana today. Michael Nnebe is a former Wall Street Investment Banker and the Author of several novels, including; Every Dream Has A Price, Riverside Park, Blood Covenant, Gloomy Shadows, Passing wishes, Prime Suspect, and others. Source: Michael, Nnebe 8 Likes |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by iamord(m): 8:33am On Aug 11, 2014 |
Although the writer made some valid points I see some of his posts to be wrong. From 07 till date ghana has enjoyed the influx of Nigeria investors almost all sectors . The amount of nigerian companies in the country can attest to that |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Eldavido1: 10:27am On Aug 11, 2014 |
iamord: Although the writer made some valid points I see some of his posts to be wrong. From 07 till date ghana has enjoyed the influx of Nigeria investors almost all sectors . The amount of nigerian companies in the country can attest to that lovely article. I think nigeria's economy is fast diversifying. Though coming a bit late, the growth in agriculture, manufacturing, retail and construction is a testament to that. At one point Ghana instituted taxes and levies on foreign businesses which was more or less directed at Nigerians. The Nigerian government had to respond before those acts were reverse. That to some extend affected the relationship between the two countries unlike in the days of Obasanjo and kufour were nigeria loan Ghana about $25 million or so. 4 Likes |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Nobody: 10:34am On Aug 11, 2014 |
i think the poster is wrong, nigerians are a major investors in ghana, to some extent ghana was lenient. |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by edoyad(m): 10:43am On Aug 11, 2014 |
customized13: i think the poster is wrong, nigerians are a major investors in ghana, to some extent ghana was lenient. I beg to differ, I remember the hostile treatment given to Nigerian traders there some few years ago in the name of restructuring. You can Google to read reports of those days 2 Likes |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by collynzov5: 10:48am On Aug 11, 2014 |
Who is the useless author of this article that said Ghana celeberated 10 years of uninterrupted power supply last year? Ghana cannot even boast of one month of uninterrupted power supply in their history let alone one year. It is disgusting when roadside rumours find their way into mainstream media. 3 Likes |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Nobody: 11:06am On Aug 11, 2014 |
edoyad:didn't hear of this, well, i stand to be corrected. |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by cooljude(m): 11:11am On Aug 11, 2014 |
The day they started showing hostility to foreign investors especially Nigerians was the day i knew their economy was doomed. I remember when Glo mast were destroyed, a whole market developed by Igbos was taken from them and given to Ghanians and they told those displaced tradesmen to relocate and the circle continued and seemingly their government endorsed those move. I just hope they get their act back because it would be good if their country did well in times to come. 4 Likes |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by edoyad(m): 11:16am On Aug 11, 2014 |
Just look at one example
customized13: didn't hear of this, well, i stand to be corrected. |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Nobody: 11:17am On Aug 11, 2014 |
edoyad: Just look at one examplei rest my case then, am not sorry for ghana. |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Itoroetti(m): 11:19am On Aug 11, 2014 |
nice point.nice write up. |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Itoroetti(m): 11:22am On Aug 11, 2014 |
edoyad: this sectionalism doesnt help us at times |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by edoyad(m): 11:37am On Aug 11, 2014 |
Itoroetti: Sorry I didn't mean it that way, I was only trying to be very detailed to prove the point I was making 2 Likes |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by ITbomb(m): 12:14pm On Aug 11, 2014 |
I doubt Nigerians staying away from Ghana because of economic woes, rather, the shrew businessmen will keep finding opportunities in trash |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Tonylyte(m): 12:16pm On Aug 11, 2014 |
Moral precedent: a monkey and a gorrilla may claim one tree, but the monkey remain a monkey and the gorrilla remain a gorrilla. I hope uncle gej will not bail them out, just like baba bought couple of jeeps for their police. Bunch of ingrates. 1 Like |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Tvegas(m): 1:09pm On Aug 11, 2014 |
edoyad: Why do blacks hate themselves so much. We need to take a cue from the European union, a Spanish man can relocate to UK and he will be welcome. However the few countries making progress like Ghana and south Africa always allow things to get into their head. Look at how ordinary SA that was traumatized with apartheid keep chasing Zimbabweans and Nigerians, Ghana was also hostile to Nigerian businesses back then. 2 Likes |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by edoyad(m): 1:21pm On Aug 11, 2014 |
Tvegas: That is why I respect our country inspite of her many flaws. You would never see Nigerians victimizing any of their neighbours setting up businesses in our country. If anything, people like to patronize businesses established by Aliens: Ghana Bread, Senegalese Fashion, Benin builders 6 Likes |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Eldavido1: 1:24pm On Aug 11, 2014 |
Tvegas: And the most annoying part of it is, both SA and Ghana are direct beneficiaries of nigerian good will. But as Soon as the going becomes smooth for them, Nigerians become the target of resentment. That's why I prefer Ghana to run to the IMF now rather than Nigeria assisting again. Let them have a good dose of the IMF treatment. Maybe the forgot the structural adjustment programs of the 80s. 1 Like |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Nobody: 1:27pm On Aug 11, 2014 |
edoyad:aptly written, wears and cars from benin republic are high-targets in nigeria. |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Eldavido1: 1:32pm On Aug 11, 2014 |
A WRITE UP BY A GHANAIAN ON HOW WELL NIGERIANS TREATED THEM IN THE 80s. . This article is dedicated to all those Ghanaians who went to Nigeria in search of a better life between 1978 and the second “Ghana Must Go” in 1985. You saw the very best of Nigeria and no matter what happened to you then, or later, you will never forget your time in that country!) Some people say it was the “constro” boys who went first and came back home with the good news. Others say it was the trained teachers (Cert A holders) who went first, started teaching in secondary schools there and came back on holidays and took along their brothers and friends who are graduates. Still others maintain that Ghanaians had been travelling to Nigeria since goodness knows when. There were vehicles that made the long journey from Kumasi or Accra to Lagos. Long before our independence, Anlo fishermen and traders piled themselves into trucks setting forth from Keta into the wilds of Nigeria. The journey took the whole day. Nigeria was far away, very far away indeed. No matter where the truth lies, one thing is certain. The great movement of Ghanaians to Nigeria in search of a better life would not happen until after 1975. Prior to that, nobody left Ghana to settle in Nigeria because Ghana was not good enough for him. There have always been ties between individual Ghanaians and Nigerians with inter-marriages meaning some Ghanaians moved to settle in Nigeria. But nobody left Ghana to escape economic hardships. Not until the mid-70s. The largest chunk of the economic migrants from Ghana to Nigeria made their moves between 1978 and 1981 or thereabouts. By 1982, [b]Lagos was full of Ghanaians from all walks of life. They ranged from university lecturers (and students), medical officers, political refugees, through secondary school teachers to our boys working on construction sites and our girls selling bread in the “go slow” on the highway leading out of Lagos to Abeokuta. They rushed to the slow moving vehicles peddling what they called “Ghana bread”. (Some of the Yoruba didn’t like this bread complaining that there was too much sugar in it. Yes, much of Ghanaian bread contains too much sugar. If there is not too much sugar, then there is too much salt!) Some of our girls chose the easy way out and betook themselves to the houses of ill-repute where they plied their damnable trade. By the 70s, the journey now took only a few hours from Accra to Lagos. If you liked, you made the “short-short” one by taking a vehicle to Aflao, crossing the border on foot, taking a taxi to the station near Asigame (Grand Marché) in Lomé, where you took one of the Peugeot “caravans” straight to the Badagry border where another vehicle took you into Lagos. You could also take a vehicle from Cotonou and make it to the old port of Porto Novo (Xogbonu) and enter Nigeria at Idiroko which was the border crossing before the huge Badagry border was rebuilt as the main entry point. The Idiroko to Lagos road was still called the “Old Ghana Road” when[/b] we were there. For the Ghanaian making the journey by road to Lagos for the first time, it was a real experience. Once you cleared the Badagry border and was on your way on the dual carriage to Lagos, you knew you were somewhere far away from Accra. Lagos looked big to you. Much of it was like a huge construction site. This was the time when foreign companies like Julius Berger were building flyovers, overhead bridges, and motorways all over the place. Even though Ghanaians could be found in every state, most of them were in the Yoruba speaking states which are geographically nearest to Ghana. The Yoruba are the single largest of Nigeria’s more than 250 ethnic groups. There are far more Yoruba than there are Ghanaians of all tribes worldwide! Most of the Nigerians who lived among us in Ghana before the Aliens Compliance Order (ACO) were Yoruba. They were the ones we called “Alatafuo” or “Anago” and when we went to them, they also called us “omo Ghana” (no offence meant, none was taken either). So the Ghanaian connection with the Yoruba, in particular, is a long one. Some versions of Ewe history even trace the origins of the Ewe to a place called Ketu in Yorubaland. In the early 80s, in places like Ogbomosho, Ejigbo, Osogbo, Ilesha, one could still meet those Yoruba who had lived in Ghana before ACO and who still spoke fluent Twi, Fante, Ewe or Ga. They were proud to display their knowledge of these languages, having quite left the bitterness of the “munko munko” (ACO) behind them. The years around 1980 marked the most dizzying heights of [b]Nigeria’s oil-fired economy. The oil money was flowing through everybody’s fingers and some of us were there to partake of the goodies. They accepted us so long as there was something for everybody. Every Ghanaian who went there got some kind of job. Teachers were in high demand. It was very easy for the Ghanaian teacher to fit into the Nigerian classroom. Because WAEC gave us all the same GCE syllabus, Ghanaian teachers found themselves teaching exactly the same things they were teaching in Ghana. Maths, Science and English teachers were especially in high demand. The greatest need for teachers was in the states controlled by the UPN which were implementing free education – the type Akufo-Addo is promising us. The UPN was then led by Chief Obafemi Awolowo, the revered Yoruba leader. (I have, sometimes, wondered if there is some resemblance between him and Akufo-Addo that goes beyond their old style round metal-rimmed glasses.) Secondary schools were built in all towns and villages and students went straight from primary school to these schools without any exams. It was not that there were no Nigerians who could teach their children. The economy was so good that Nigerian university graduates looked down on the teaching job. They easily got higher paying jobs in industry or obtained generous state or federal government scholarships to pursue advanced studies in foreign universities. Ghanaians readily took their places and acquitted themselves well. Indeed, there will come a time, (if that time has not even passed) when a crop of prominent Nigerians can proudly say that some of their best teachers in secondary school were Ghanaians. They will be referring to that time, around the 80s, when so many Ghanaians taught so many Nigerians. Everything was very cheap in this country. What we had then called “essential commodities” in Ghana were anything but essential in Agege (the name of the Lagos suburb that, in Ghana, became used for the entire country). Blue Band Margarine, which had ceased to exist in Ghana, was available at every roadside seller’s. Beer was one naira for the premier brands of Star and Gulder – brands that we had known from Ghana.[/b] The big bottle of Guinness, Odekun, (which was unavailable in Ghana) went for 1.30 naira and the little bottle (kekere) made you poorer by a mere 70 kobo. Semovita cost 80 kobo a kilo. We did not even have Semovita in Ghana then. Sardines and Geisha (which Nigerians looked down upon but were favourite items in Ghana, the lack of which can cause governments to be overthrown) were all over the place selling cheaply. During the Christmas season, imports were increased bringing down the prices of items across the board. In Ghana price increases were particularly notable during the Christmas season. Those Ghanaians who went to Nigeria before 1980 saw the very best of the country, economically. In some states, graduate teachers were given car loans in cash! You took your 3,000 naira, went to a car dealer and drove away with your brand new locally assembled VW “beetul”. It cost you less than 3,000 naira so you had something left over to buy petrol and drinks to celebrate your first new car with your friends – to “wash” the car, as it were. In the early 80s, a graduate teacher’s monthly pay of 360 naira was enough to buy you a return ticket to the UK. That was before the Thatcher government brought in visa requirements for Ghanaians and Nigerians. Those Ghanaians daring enough went on holidays in Britain. The naira was equivalent to the pound and fetched you more than a dollar! This was also the time Ghanaians would tell jokes about the newcomer who went to the wayside chop bar and asked for 50 kobo rice and 50 kobo meat and the seller woman looked at him with surprise. He insisted on his order and when he was served, there was no way he could eat it all. He thought the naira was like the cedi he had left behind in Ghana. At the beginning of each academic year, the now defunct West Africa Magazine published long lists of Nigerian scholarship winners who would be going to universities in Europe and North America to study obscure subjects in the sciences and technology. It was as if the states were competing with each other to see which of them could send the greatest numbers of their citizens on scholarships abroad. We looked at these lists with a tinge of envy. Our country could not afford to give us similar privileges. The daily newspapers were bumpy affairs of 48-60 pages at a time when our flagship national daily, Daily Graphic, was still running 16 pages in tiny print. There were even broadsheets, something we had never seen in Ghana before. A few of the numerous newspapers really had quality stuff. The newly established Lagos Guardian attracted articles from some of the country’s greatest brains – Wolé Soyinka, Niyi Osundare, Kole Omotoso, Chinweinzu. Then came the newsmagazine, Newswatch, modelled on Time Magazine and better than anything we ever had in Ghana. On its staff were some of the country’s best journalists including Dele Giwa who was murdered by a mail bomb during Babangida’s reign of terror. There were several television and radio stations at a time when Ghana still had only one television channel and one national broadcaster and we had never heard of FM broadcasting. Naija movies were not available then. The Ghanaian immigrant felt completely at home. Ghana was not too far away and you could visit home for the weekend. We settled. We started enjoying the food, the beer, the women and the music. Oh, the music, especially Yoruba music. Because of Juju music’s roots in highlife, it was easy for Ghanaians to take on and like that music. Moreover, some of us still remembered the time when the Yoruba lived among us in Ghana and played lots of the music of the accordion playing I. K. Dairo. They may have played the music of Haruna Ishola too. The 80s marked the heights of the careers of King Sunny Adé with his velvety voice (Gboromiro; Synchrooo ... synchro system) and “Shief” Commander Ebenezer Obey and his evergreen, forever and forever wedding song: Eto gbeyawo laye t’Oba Oluwa mi file le, pelu aseni... (What God has joined togedaa let no man put asondaaa...). Fuji, Apala and Sakara music are more difficult for Ghanaians to absorb. They are more traditionally based with Islamic roots. But if you live in a place where you hear a certain music type being played over and over again, and see the people cooing over it, you cannot help but get infected yourself. That is why many of us will never forget names like the late Alhaji Sikuru Ayindé Barrister, Kollington Ayinla, or Mama Salawa Abeni. Today, Fuji music has morphed into the Yoruba variant of hip-hop. But for those of us who were there in the early 80s, it is the music of Sunny Adé (is there any musician who has sung his way into the hearts of the Yoruba more than this man who has so many wonderful tracks you won’t know which ones to choose as your favourites?) and Ebenezer Obey (who is now into gospel music having also fallen victim to the excessive religiosity that is now afflicting many parts of Africa) that we have continued to enjoy long after we left the country even if we do not understand all the mgbati mgbati. Then things started getting bad. Many of us saw the signs very early because we had seen similar signs in Ghana. Contracts were not being renewed. It was becoming more difficult to get jobs. Prices were going up. Some construction works were being terminated midway. Remittances through the banks were becoming more difficult to get as the black market rates of the naira started running away from the official rates. They did not sack us from their country. We had survived “Ghana Must Go” 1 and 2. We left on our own when they relieved us of our teaching jobs. Many were too old to brave the journey to another part of the world. They returned to Ghana and went back to the teaching service or whatever else they were doing before the Agege craze. Many of the young ones came back to Ghana only to re- saddle and set forth again. Some of the “constro” boys, ever the most daring, took the desert road to Gaddafi’s Libya. Some of them lost their lives on the way. Some of us came to Europe. Others went to North America. There were those who made it to other African countries like South Africa, Botswana, Zambia, or any country willing to accept them. Anywhere else was better than the difficult days of Rawlings’ military Ghana. Today, it is said that more than half of Nigeria’s 160 million people live on less than two dollars a day. The naira is now 150 to a dollar. The largest note is 1,000 naira (equivalent to 12 ghc). A proposal to print 5,000 naira bills was dropped. Another to re-denominate the naira was also discarded. A bottle of Guinness is around 300 naira and Semovita is 250 (na kekere bi dat o). The molue conductors at Oshodi are no longer shouting: “Enter with your ten ten kobo – 50 kobo one naira no change”. That belongs to a time in the distant past. The trip now costs 100 naira. Nigerians are finding it difficult to exist on their monthly salaries. Many have voted with their feet and for some, even Ghana is better to live in. To be sure, though the Nigerian economy may not be riding the giddy Olympian heights of the late 70s, it has never descended into the gutters that the Ghanaian economy found itself in the same period. But the best is over and many Nigerians will give an arm to have the seventies and early eighties back. Yes, there are Nigerians who are crooks, cheats, bandits, religious fanatics and what have you. But the fact is that MOST ordinary Nigerians are honest, peace loving, God-fearing, resourceful and friendly people. You have to live in the country to see these ones whom we do not hear much about. You can also ask the thousands of Ghanaians still living there. And, oh, the country itself is, actually, really beautiful. For many of us, since Nigeria was our first foray outside our native land, the country remains special to us. We still have fond memories of our time there. I have not been back there since I left 26 years ago. I very much want to visit and walk the old paths again. What a wistful experience that will be! Kofi Amenyo (kofi.amenyo@yahoo.com) 3 Likes |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by atlwireles: 2:13pm On Aug 11, 2014 |
This writer needs true research about Ghana and allow the propaganda that put Ghana in her current predicament slide. Ghana had ten years of no power failure? That is a lie from the kingdom of darkness itself. The shining stability most of the world ascribed to Ghana, was due mainly to manipulated data coming from Ghana. Today, they are facing this reality, not because of the current administration, but spending and borrowing done in the last 12 years. Ghana is a poor country, that's the simple truth. The earlier they accept this fact and adjust their budgeting and spending accordingly the more hurting they will be in for. 3 Likes |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Nobody: 2:15pm On Aug 11, 2014 |
atlwireles: This writer needs true research about Ghana and allow the propaganda that put Ghana in her current predicament slid. Ghana had ten years of no power failure? That is a lie from the kingdom of darkness itself. The shining stability most of the world ascribed to Ghana, was due mainly to manipulated data coming from Ghana. Today, they are facing this reality, not because of the current administration, but spending and borrowing done in the last 12 years. Ghana is a poor country, that's the simple truth. The earlier they accept this fact and adjust their budgeting and spending accordingly the more hurting they will be in for.my point, they need to drop the vaunt and false supercilious act. 2 Likes |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by cooljude(m): 3:56pm On Aug 11, 2014 |
Ghana the darling country of western nation. They should better make use of that their good name in the international communitty. When i saw a graph of Ghanas' economic woe on cnn by Richard Quest, it was very bad o. The slope was just going down, no upward trend at all. The most annoying part was the way the Ghanian minister was speaking as if nothing was seriously happening. |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Nobody: 4:02pm On Aug 11, 2014 |
ghanaian citizens sabi cover shame, we don't do that in nigeria. you cannot cure a hidden sickness, you need to expose it first. |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by BishopMagic: 4:16pm On Aug 11, 2014 |
They brought it upon themselves with that senseless currency redenomination |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by SLIDEwaxie(m): 4:21pm On Aug 11, 2014 |
Na nigerians go spoil am... |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by BishopMagic: 4:26pm On Aug 11, 2014 |
Their economy was always artificially inflated and the not so recent currency Redenomination of the Cedis which saw it knock 2 zeros off simply created a 100% inflation problem in waiting with little or no external revenue to back it up, the Cedis was bound to fall. Now who is your big Brother? Looking foward to the second exodus of Ghanians to Nigeria without ebola |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by Tonylyte(m): 5:21pm On Aug 11, 2014 |
edoyad:A generous country will always thrive better than the ''stingy'' ones, that is why inspite of the trauma our dear nation is facing, we cn still boost of the biggest economy in africa..check america, see where their generousity have led them to, inspite of the hate they receive from the rest of the world.....if u're good to people, keep it up, never let peoples attitude towards you change your ways. since they delight in hiding theirs from others, they will remain hidden, cos thats where they choose to be. |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by docchuks(m): 10:05am On May 09, 2016 |
Financial markets in Ghana www.businessplannigeria.com.ng/financial-markets-ghana |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by omoharry(f): 10:39am On May 09, 2016 |
Please guys..we have our own problems here to resolve oo and we are here talking about Ghana's economy..Remember we still have issues with Fuel scacity, poor power outage even cost of living has skyrocket and even everything has doubled in price..please let us channel this energy on our own problems and let Ghanians worry about thiers. 1 Like |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by iamord(m): 4:11pm On May 09, 2016 |
omoharry:the funny thing is that this article came out 2years back smh |
Re: Ghana Economy Is Falling Down Andlesson For Nigeria by chrisagyei: 2:26pm On Dec 09, 2018 |
I read this article and comments and realize the real hate for Ghana by Nigerians and rejoicing that Ghana is failing and has failed totally beyond repairs and some threatening Ghanaians if we start flooding their country.Others saying they will never allow Nigeria to assist Ghana and they provide us with loans and electricity.Come on,we are still not up to 30 million yet and you guys say Lagos is times three richer than Ghana in GDP and we have not even experienced one month or even week of uninterrupted power supply.They hatred and negative hope and celebration that at last,the darling boy of the Western world,the star of Africa has fallen and failed.Ghana will continue to shine and no matter when we fall,we rise,Nigerians think they have seen sufferings,we have seen worse,experienced severe drought and farmine close to a decade,experienced several military coups,but we still comeback.It was rosy in the 50s and 60s,then we experienced hell,we dined with the devil himself,we threw ourselves to death by going to Nigeria Buh death itself spat us back through the 2.5 million force evacuation because they said we did similar to a mere 100,000 of their undocumented migrants in Ghana in the 60s,they waited for us to settle so they will attack like a snake to its prey.Did anyone including your sacred Bible and Quran tell you about revenge.And they still defend their acts arrogantly and hoping we fail again so they repeat it.If you doubt,read the article and comments.What do you say if South Africans do same to you,remember,its now visa free with 90 days stay to South Africa with a Ghanaian passport.Not everybody cries everyday that everybody hates him.You better check your character because not every country in poor Africa which you always arrogantly call will hate you without a reason.How many times do you see Ethiopians who are over 100 million fight with South Africa,Ghana or even their regional rival Kenya.There is mutual respect.I love Nigeria,Ghana and Africa and wish we progress together.God bless Nigeria,God bless Ghana and God bless Africa 1 Like |
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