Jamersirwin1971:

Everything you wrote was on point till you mentioned Nigeria giving Ghana Electricity. That’s false . Ghana has its own dam and Nitro electricity . Their dam has been in existence before they got independence . And till now is functioning . It’s has been fully privatized to American companies where every 5 years they
New companies re-bid . Maybe you read more on Akosombo dam . Then you will know more .

Jamersirwin1971:

Everything you wrote was on point till you mentioned Nigeria giving Ghana Electricity. That’s false . Ghana has its own dam and Nitro electricity . Their dam has been in existence before they got independence . And till now is functioning . It’s has been fully privatized to American companies where every 5 years they
New companies re-bid . Maybe you read more on Akosombo dam . Then you will know more .

FreeStuffsNG:

Gas power for their electricity is provided by Nigeria sir. Nigeria is the backbone of
Ghana's electricity power sir.
https://www.reuters.com/article/ghana-nigeria-gas-idUSL8N12K3NZ20151020

Wizzzzmike:


So in ur case if u buy food from a fast food joint, does it mean the fast food joint feeds you and probably ur family?

kingthreat:


That hell is what over 200 million people are living in. If you're living in Nigeria and you consider the country hell, I advice you jump into the nearest deep body of water to ease the fire.

Subsidywise20:


The problem with subsidy is the nature of the beast.

Here is how subsidy works. Because of changes in the price of crude oil, the price of petrol , normally, changes as a result. If crude oil prices are high, petrol prices rise, and if they are low, petrol prices fall as well.

Subsidy means that the government sets the price of petrol...and pays money to the petroleum sector called a subsidy. This subsidy roughly speaking covers the resulting loss made in keeping prices low.

Problem is, as the price of crude rises, so does the cost of the subsidy. Last year, landing cost of crude was N231, oil was at 80 dollars a barrel. Now it is over N700, oil is at 120 dollars a barrel. Meanwhile price of petrol at the pump is at N165 since 2020. As you can see, we have gone from paying less than N200 per liter as subsidy to N600 per liter as subsidy in one year. (Thanks to Russia and Nato).

And over the last seven years, we had to take loans galore because oil revenues were too low for our population. So, we have a heavy debt service burden ..ie paying off the loans. Meanwhile any extra money is going into the subsidy...and it is going in at a very high rate...to the point that NNPC can no longer remit funds to the government, after debts and subsidy costs have been paid.

Guess where they would turn to get the money for subsidy? Other sectors of the budget...and when they run out...another round of loans.

That's why subsidy has to go. It costs too much to feed it. GEJ did not save enough because he was feeding the subsidy monster. At worst there would be a period of high prices...but the value of the naira would improve somewhat, and when domestic refining gets better as a result....we may earn more income. It does not mean we would achieve economic prosperity, but we would be better off than we are now eventually.

Subsidywise20:


The problem with subsidy is the nature of the beast.

Here is how subsidy works. Because of changes in the price of crude oil, the price of petrol , normally, changes as a result. If crude oil prices are high, petrol prices rise, and if they are low, petrol prices fall as well.

Subsidy means that the government sets the price of petrol...and pays money to the petroleum sector called a subsidy. This subsidy roughly speaking covers the resulting loss made in keeping prices low.

Problem is, as the price of crude rises, so does the cost of the subsidy. Last year, landing cost of crude was N231, oil was at 80 dollars a barrel. Now it is over N700, oil is at 120 dollars a barrel. Meanwhile price of petrol at the pump is at N165 since 2020. As you can see, we have gone from paying less than N200 per liter as subsidy to N600 per liter as subsidy in one year. (Thanks to Russia and Nato).

And over the last seven years, we had to take loans galore because oil revenues were too low for our population. So, we have a heavy debt service burden ..ie paying off the loans. Meanwhile any extra money is going into the subsidy...and it is going in at a very high rate...to the point that NNPC can no longer remit funds to the government, after debts and subsidy costs have been paid.

Guess where they would turn to get the money for subsidy? Other sectors of the budget...and when they run out...another round of loans.

That's why subsidy has to go. It costs too much to feed it. GEJ did not save enough because he was feeding the subsidy monster. At worst there would be a period of high prices...but the value of the naira would improve somewhat, and when domestic refining gets better as a result....we may earn more income. It does not mean we would achieve economic prosperity, but we would be better off than we are now eventually.

sunbreaker:
who is telling lie? You don't have manner of approach. Please I don't come here to argue with anybody ,I had been there before and i know what I'm saying. You only heard your news on social media or third parties relative. Then, if you say 2000 Ghana cedis is more than #200,000 I realised you don't know what you are saying but to clear your ignorance (2000 Ghana cedis is #103,000 as at today 5/7/2022. I think this will educate you more.

FreeStuffsNG:
Never mind since you do not understand that form of export of energy in technical terms.

Let me break it down for you before you confuse it for food.

When you develop a gas power station, both the plant and gas feed are a unit in this case because pipes will be laid and connected to it from Nigeria. The power station and the gas feed are regarded as a single energy project because you do not build a gas power station without a gas pipeline to feed it.

The NGaz from Nigeria feeds gas power plant in Ghana and constitite part of the energy Ghana imports from outside. That is why when Nigeria threatened to switch it off, it is not really the gas switched off, it is the energy from the plant that is switched off.

Please read up on it. I am not referrring to cooking gas sold in cylinders for cooking that you can easily switch from one gas cylinder to another since you compared it to food.

I know it is too technical but no vex that I can't break it down further especially the costing part.

No vex as I may not reply you again sir.

GeneralDae:

No but every business, job, or form of trading ( no matter how little), should be taxed with percentages depending on the job

SeaTrade:
Look, I don't know who you think you're talking to.
But please,if you want us to discuss,keep your manners in check.
Cheers.

PetroDolla2020:
Where do you think I’m writing this from? For your information, I’m here in Ghana. Are yiu claiming to know more than me who lives here?

poweredcom:


Guy STFU Nigeria is hell, upon our natural resources what can we boast for it

It pays me to be In Ghana and be peaceful and secure than. This country that have been overtaken by kidnappers and all negative vices

yongg:



In addition to that, I hear that vested interest in the petroleum/oil business inflate the volume of oil sold to draw more money than they out to in subsidy payment.

Regulation, monitoring and enforcement is a problem in this country... We need actionable checks and balances embedded in a SYSTEM. SYSTEMs are independent of governments of the day. The objectives are clear and technocratic in nature, result based.

Removing subsidy will also remove that mode of siphoning money from FG for free buy ensuring that the population pay the true price of oil and automatically there's a check and balance for the true quantity that population consumes because that payment was made a point of sale.

That's a step...

We can crash the price further by managing leakages by whatever mode... Vandalism, theft, etc

Population will enjoy a better price...

Then the main price crasher will be to growing home based refining from the crude oil level at minning to finished product stages. It still beats me how a country will sell crude for pennies on the dollar and allow itself get affected by pricing by countries who refining crude and get not just gas/petrol but AT LEAST 17 faction from crude oil.(17 because that was what that Ababio Chemistry Textbook quoted, so by now research in that area and material science would reveal other useful factions obtainable from crude oil)


Thinking about it...

Wax
Paraffin,
Wax,
Coal tar,
Bitumen,
Ashpalt,
Plastics,
Petroleum Jelly,
Gas,
Diesel,
Kerosine,
Gasoline...etc

The prices of all those among the 17 factions are directly affected right from the selling stage of crude... Meanwhile we make so much fuss about
oil, diesel and aviation fuel because the seem the most conspicuous demand, meanwhile just by manufacturing and acing the process right at home several big industries all at once can get huge relief from artificial additional costs of these things.

Quintopia:
Crisis-hit Ghana Changes Its Mind and Turns to IMF for Help

- Ghana had previously refused to seek IMF help
- Hundreds protested in the capital over economic woes
- IMF says ready to support, will start talks soon
- Ghana's dollar-denominated sovereign bonds rally sharply

ACCRA, July 1 (Reuters) - Ghana, one of West Africa's largest economies, will hold formal talks with the International Monetary Fund (IMF) on a support package, the government said on Friday, after hundreds took to the streets to protest against mounting hardship.

The cabinet gave its support for the decision at a meeting on Thursday, following a phone conversation between President Nana Akufo-Addo and IMF Managing Director Kristalina Georgieva.

Ghana, a gold, cocoa and oil producer, has until now refused to seek IMF support to rescue an economy crippled by the pandemic, rampant inflation and a depreciating currency, despite analysts warning it is close to a debt crisis..

The IMF confirmed Ghana's request for help and said it would start discussions with authorities in the coming weeks....

https://www.reuters.com/world/africa/crisis-hit-ghana-changes-its-mind-turns-imf-help-2022-07-01/

AlphaTaikun:

Ghana's 50% inflation is very huge!

The global economic headwinds
have already kicked in!

Only those who have imbibed the lessons of creative innovation and financial sagacity from past global economic downturns and country-specific recessions will survive with near-absolute comfort.

Period!

Subsidywise20:


Same to you.

P.S : I have no candidate, but I don't want to see LP,PDP, APC, NNPP or SDP in power again.
PPS I stand by my post. I am tired of hearing candidates like your Obi and their Tinubu and Atiku who bring in vague promises, no specifics. You want a strong naira, YET, ye do not tell us how you would do it.

GeneralDae:

Is it 50% inflation in Ghana or 27%??

FreeStuffsNG:
Never mind since you do not understand that form of export of energy in technical terms.

Let me break it down for you before you confuse it for food.

When you develop a gas power station, both the plant and gas feed are a unit in this case because pipes will be laid and connected to it from Nigeria. The power station and the gas feed are regarded as a single energy project because you do not build a gas power station without a gas pipeline to feed it.

The NGaz from Nigeria feeds gas power plant in Ghana and constitite part of the energy Ghana imports from outside. That is why when Nigeria threatened to switch it off, it is not really the gas switched off, it is the energy from the plant that is switched off.

Please read up on it. I am not referrring to cooking gas sold in cylinders for cooking that you can easily switch from one gas cylinder to another since you compared it to food.

I know it is too technical but no vex that I can't break it down further especially the costing part.

No vex as I may not reply you again sir.

Quintopia:
A dramatic economic downturn in Ghana is turning the once-peaceful nation into a hotbed of furious mass discontent, and angry demonstrations over rising prices and rising unemployment, among other issues.

Ghanaians are now emigrating in droves, with Nigeria, the regional economic powerhouse, a favoured destination for many of them.

See full report from Al Jazeera:


https://www.aljazeera.com/news/2022/6/29/protests-over-economic-woes-enter-second-day-in-ghana

GeneralDae:

But your Obj, Gej, and Yaradua also failed in terms of infrastructure like Electricity, Trains, Gas Infrastructure (except for Obj to a small extent). If they had invested in all these, we would be feeling the effects by now.
Also your Obj sold too many Government enterprises that are not fruitful today all in the name of privatisation.