Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,154,147 members, 7,821,916 topics. Date: Wednesday, 08 May 2024 at 09:43 PM

Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender - Foreign Affairs (4) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender (33437 Views)

Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender / Protest In El Salvador As Bitcon Crashes After Government Makes It Legal Tender / Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country (2) (3) (4)

(1) (2) (3) (4) (5) (6) (Reply) (Go Down)

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by UDOKABESTLUV(m): 7:42pm On Apr 08, 2022
Nawa o
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by lebete3000: 7:46pm On Apr 08, 2022
Okoroawusa:
Ghana is just wasting it time. The situation has eaten too deep into the economy. Even olosho for Ghana dey charge in dollars and it's not good.

Things must be fvcking expensive there niyen oh...

Imagine olosho wey I fit fvck for 5k overnight for Kano here, na hin the one for Ghana wan collect dollars...
How much that one go be sef? Like $10?
$10pussy cheesy

1 Like

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by maasoap(m): 7:59pm On Apr 08, 2022
Mooh247:
cool


Most tourist countries accept dollars as legal tender

You can shop in Dubai and London without changing your dollars to local currency

I guess our west African noisy neighbours now see that they can't sustain their local currency on fake valuation and propaganda


.

Lol. I still remember the year they made 1 cedi equal 1 dollar. I didn't know it is that bad for them these days

1 Like

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by brightalo1010: 8:01pm On Apr 08, 2022
vaxx:
At once cedis did well than naira in the year 2016, 2017 and 2020.


Naira as at now is the fourth must useless currency in africa while cedis is the second just above Zambia.
go and take the 2016 2017 and 2020 and buy something in today's market. All these backwardness is for what?

2 Likes

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Swanzi(m): 8:04pm On Apr 08, 2022
Multiplier7:
Chai! Poverty no good ooo

The only thing the Ghanians possess now is loud mouth






Mumu at least we have 24/7 electricitygrin

2 Likes

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by tfelicityk(m): 8:05pm On Apr 08, 2022
I love this country called Ghana.
They always keep to their words and practice their actions effectively.

1 Like

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Babaken(m): 8:05pm On Apr 08, 2022
Most of their landlords are collecting rents in dollars
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by jaxxy(m): 8:20pm On Apr 08, 2022
Rollsnjaguar:
Very good

Just like Russia grin

Not like Russia. They will transact externally in dollars bt not locally.
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by NamelessOGBENI(m): 8:22pm On Apr 08, 2022
In March, the government announced a 30% salary cut for its appointees to mitigate economic hardship..


This is the icing on the cake and I love it, hopefully, the idiots in the corridors of power will toe the same route too.
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Agbebakun22: 8:25pm On Apr 08, 2022
Vixlot:
Everything in Ghana is priced in Dollars
i could remember few years ago when i decided to have my bsc there omo when i heard they pay everything in dollars local man perish that idea
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Princechinox: 8:29pm On Apr 08, 2022
A wonderful way to boosting their economy and raising values. Kudos
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by ajl: 8:33pm On Apr 08, 2022
Ghana, a country with serious people and government.
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by ajl: 8:35pm On Apr 08, 2022
Babaken:
Most of their landlords are collecting rents in dollars

Their government is more reliable. Can you imagine going to a Buka or road side canteen in Nigeria to eat and you are issued a receipt. That's exactly what I experienced in Ghana. And that was over 20 years ago. In year 2000 exactly.

2 Likes

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Yampotatocarrot(m): 8:38pm On Apr 08, 2022
Datikwerreboi:

Why is it so, I noticed things are relatively costlier there than Nigeria

If I ask me, I'll say it's because most of their packaged consumer goods seem to be produced in Nigeria and transported there. Its applicable in all our neighbouring countries. Try buying softdrinks in Benin Republic or Togo, you'll be surprised how much they'll call it. I later learnt some people buy in bulk from Nigeria and send it there for sale, using any of these transport companies, hence the high prices ( don't know if they still do so)

4 Likes

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by NwaIgboBoy(m): 8:42pm On Apr 08, 2022
When I hear Ghana I remember kweku the traveler
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by vaxx: 8:45pm On Apr 08, 2022
brightalo1010:
go and take the 2016 2017 and 2020 and buy something in today's market. All these backwardness is for what?

in simple language, none of the currency are doing well.
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by stonemind(f): 8:48pm On Apr 08, 2022
Vixlot:
Everything in Ghana is priced in Dollars

wow that's sad

1 Like

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by freemi(m): 8:52pm On Apr 08, 2022
WarrenC:


55 naira can buy something meaningful, but 1cedis can not buy anything meaningful.

Things are very expensive in Ghana.
What 100 naira can buy in Nigeria, 2 cedis can not buy it.

We are quick to judge the rate, forgetting the purchasing power of the currency.

50 naira can buy you a cup of garri.
But 1 cedi can not buy a cup of garri in Ghana.
r u sure u even know what u r typing? So because 1 dollar cannot buy m a cup of garri in America but 55 naira can it here in naija it means our currency has more value than dollar?
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by freemi(m): 8:54pm On Apr 08, 2022
staga:


You need to take some history lessons. Ghana redenominated its currency in 2006 and removed all the extra zeros. Their currency is NOT better than ours.
what is this one saying? R u talking Abt past or present? Which currency has more value at d moment?
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by priestcharm(m): 8:55pm On Apr 08, 2022
This is a good news. It Will strengthen the cedis as a legal tender. Don’t always use the USD as medium. It only strengthen the USD. But this will work if you’re an exporting country because you determine your terms for export.
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Kcdojoto(m): 8:59pm On Apr 08, 2022
brightalo1010:


Even some Nigerians thinks cedi is stronger than Naira I'll be laughing at them. What Ghana did was to remove zeros ooo that's why our 1000 naira is like there 10 cedis if we remove the two zeros then it will be 10 naira vs 10 cedis.

The 1 ghana cedis you see today is their former 10,000 cedis they remove all the zeros and call it 1 ghana cedis, then 1000 cedis they remove the zeros and call it 1 pastas which is like removing all the zeros in our 1000 Naira and call it 1kobo.
As at then (2007) the 1 ghana cedis is equivalent to 1 dollar and dollar was about 89 Naira then, but today what happened? Naira is gaining ground against cedis,I don't think that is up to 60 naira against 1 cedis.
I am tired of explaining to the people why it looks like cedis is bigger than naira while in actual sense it is not.

8 Likes

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Camelot65: 9:11pm On Apr 08, 2022
Masterito:
Lol, do you even understand what you are comparing?
I saw his comment and was
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Localordinary: 9:12pm On Apr 08, 2022
This is just propaganda because of the continuous depreciation of cedi against the dollar,however houses,lands and hotels still continues to collect their money in dollars



afroniger:


https://www.vanguardngr.com/2022/04/ghana-bans-spending-in-foreign-currencies-makes-cedi-sole-legal-tender/
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Tombrown3(m): 9:16pm On Apr 08, 2022
WarrenC:


55 naira can buy something meaningful, but 1cedis can not buy anything meaningful.

Things are very expensive in Ghana.
What 100 naira can buy in Nigeria, 2 cedis can not buy it.

We are quick to judge the rate, forgetting the purchasing power of the currency.

50 naira can buy you a cup of garri.
But 1 cedi can not buy a cup of garri in Ghana.

Can 1naira buy you anything? Since we are comparing it to lowest denomination.

1 Like

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by tempusfugit: 9:28pm On Apr 08, 2022
Funny enough right now cedis is the worst performance currency among top in Africa, Currencies don't works. Like that, this cina currency against cedis, here you can see in theory cedis is stronger but in reality cedis is close to useless
freemi:
Ghana cedis is far better than naira. Google is ur friend.

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Multiplier7(m): 9:31pm On Apr 08, 2022
Swanzi:







Mumu at least we have 24/7 electricitygrin

Which 24/7 electricity...keep decieving una self with that

And again who told you that Nigeria didn't have electricity abi you want to generalise poor power due to issues power holding had during the month of match?

Ghana no get any 24/7 electricity...that's a fact(light dey normally take when rain is falling na light) almost same with naija.

Comparing Nigeria to Ghana is like comparing Russia to Ukrain and you know the consequences

1 Like

Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Cocking: 9:38pm On Apr 08, 2022
Itzteewhy:
I hope our incompetent CBN Governor could emulate this.

Young man, what are u capping grin grin grin
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Exceed15: 9:39pm On Apr 08, 2022
This will strengthen their currency. Nice move
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Allisgud: 9:43pm On Apr 08, 2022
Nigeria cannot try this,u know why 80% of our every day use are imported
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Swanzi(m): 9:43pm On Apr 08, 2022
Multiplier7:


Which 24/7 electricity...keep decieving una self with that



When will I stop educating you Nigerians that 24/7 electricity is not rocket science neither is it a miracle is very practical and it happens in Ghana… ! Even if there is light out it doesn’t take more than 5-10 min max unless there is local issue maybe with a transformer,any other issue announcement is made via radio or tv if it exceeds 24hours…

Pity una self u need itgrin
Re: Ghana Bans Spending In Foreign Currencies, Makes Cedi Sole Legal Tender by Princewill1(m): 9:44pm On Apr 08, 2022
One of the main reasons why people abandon their country's currency for foreign currency is due to continuous fall on the value of the currency.

For Ghanaians to opt for dollar instead of cedis is due steady fall of cedi.

2 Likes

(1) (2) (3) (4) (5) (6) (Reply)

Thousands Take To The Streets Of Paris To Protest Soaring Prices / Idris Deby: Why A Leader Should Not Be At The Front Line / Angry Ex-President Zuma Supporters Looted Shops, Set Buildings Ablaze

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 33
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.