Originalsly:
Hmmm..... borrowing from IMF or World Bank is like borrowing from Satan. Draconian conditions come with IMF loans .... devaluation of currency... that is now in effect .... freezing of Public Sector salaries and selling off of government assets.... this is just the beginning of the end.

We have no choice because we don't control or set the prices of whatever raw material we sell.

Like Nigeria. If we want to earn enough money, we need oil to be at $133 or more per barrel. That is not possible...especially since more and more sources of oil are being developed, which brings down the price well well.

So, when prices are too low, we take loans. Wihtout then, we would have had a situation where salaries won't be paid...for 24 months or more...

tishbite41:

Why was Soludo stopped from redenominating the Naira?!

Because it won't have changed anything.

The naira would have still been a weak currency based on the fact that we are not a producer nation, but a consumption oriented and over importer nation.

inoki247:


I know you're blinded by hate so you prefer taking bike for 1k to a distance wey no pass 5min to 10min distance....


Whereas in Nigeria that distance won't cost you more than 100naira to 200naira....

With 2k Naira you can still survive and rough it how many people in that same Ghana dey make ordinary 1k Ghs monthly....



You people will just go to Google and start getting jargons results and start translating that to real life experience....

Go Ghana first and experience the economy yourself...


so like this now as Naira high pass Korean currency that means Nigerians life is better...

Illiterate, everything is hate! Simple question has turned to hate. Ode!

Una geh natural resources pass us Why we go dey run after una

sreamsense:
Biafrans who normally use mouth to run economy of yet to acheive biafra should learn from this, theory is different from practical. They will be using mouth to form alliance with yorubas when they acheive biafra without minding if yorubas will close its border to that imaginary biafra nation

Akuffo-Addo is clueless just like za oza room.

if you were living in a cave for years and never heard of the cedi and you finally get to visit Accra especially, you would think the dollar is their main currency the way they demand you pay for everything in dollars.


in the 1st quarter of this year, the Bank of Ghana had to give an order/circular for businesses to stop demanding dollars in the stead of cedi.

NgeneUkwenu:
Just few months back, Ipob vandals were all over the place, praising Ghana and cursing their country.

Useless bunch of kanu urine drinkers.

It is their shame. This people know next to nothing about anything. The only thing they seem good at is making noise on social media. Period.

[where are those Ghanaians,let them come polish my shoe I will pay them in naira not Ghanian cedi.

[As if u will not swallow if given the opportunity to be in any of the offices.quote author=HIPROFILE post=117652532]

A country where animals in government offices swallows money at will? will someone be wrong to call such country a zoo?
A country where its leader does not obey the rule of Law? thereby creating room for lawlessness like in a jungle, will someone be wrong to call such country a zoo?

Bro lets accept the country is run the worst ways any country should be run not until other people tell us so then we become angry why they should say so.

Why didn't you attack the United state when their president referred to the president and leader of your country as lifeless!

You are ignorantly running a country aground and some section of the country sees that the way the country is being run, no good will ever come out of it hence fighting and calling for secession.

Now see all of you running off to UK and Canada to go continue the branded slavery.[/quote]

[quote author=NgeneUkwenu post=117649162]Just few months back, Ipob vandals were all over the place, praising Ghana and cursing their country.

Useless bunch of kanu urine drinkers. [/quote

You are an idiot for this statement.

How much is naira to dollar today?

Slynation:
I hope you can also see that the protest yielded something tangible. The merits outweighed more than the demerits

Like?

kofimoses:
This is quite bad. Although it has to be noted that all the world currencies are performing badly against the dollar. The dollar itself is skyrocketing.

Addo's government has actually tried more than others to boost our exports but he needs to do more.

Except the Ruble

Obidient4life3:


Illiterate, everything is hate! Simple question has turned to hate. Ode!

Carry your cry comot for here since you can't appreciate the country for once no mata aw bad the country is we are still better than some people....

dochenaj:
The Cedi is still stronger than Naira, though the degree of devaluation of the Cedi is higher than Naira.

Let me use an analogy. If you are on the 10th floor and you drop to the 6th floor that's 4 floors depreciation. But if you are at 2nd floor and remain there, that is zero depreciation but that doesn't make you better than the person on the 6th floor.

Sometimes, it is easier/ faster to get the N700 to $1 than 12+ cedis to $1 especially in an African country.

Let us thank God for Naija, even Ghanaian banks and money markets are smaller than ours.... Most of them are on japa level as things are more pricey with little opportunities to earn.

Nigerians alone outside the country can be the foreign investors we so much want in Nigeria if only we have better policies, tax system and integrity.

MoneyMustBMade:
1$ is 11cedis/$

1$ is 743/$

So make una keep quiet

add three zero to the cedis

voltron14:


Like?

like the rampant police killings/harassing young men is on a decline because it now comes with consequences...

Until African countries learn to take their destinies in their hands this injustice from the western nations will continue.

How can you export coca pods in tonnes and get paid by the penny, then later import processed cocoa and pay in billions, not sustainable, the loans they intend to collect from IMF will drive them further into the debt, they will be forced to devalue their currency and sell their national assets for pennies, thats the plan.

plantainbender:
It's 55cedi actually. Na Dangote (which Ghanaians rarely buy) be 50-51cedi

See? And 55 cedi is about 2,469.51 naira, so where would you rather buy your cement?

quentin06:
Until African countries learn to take their destinies in their hands this injustice from the western nations will continue.

How can you export coca pods in tonnes and get paid by the penny, then later import processed cocoa and pay in billions, not sustainable,.

Therein lies the problem.

Mind you, Ghana earns billions in revenue from cocoa. Why it is not that much is because a lot of other nations produce cocoa. (Nigeria included). And if every country has a good cocoa harvest , that can bring down the price globally.(Pirice of cocoa is not determined by Ghana alone...). Only way Ghana can benefit from high prices of cocoa is if Ivory coast (largest producer) and say Nigeria have issues with producing cocoa due to disease, meaning production falls, and prices go up.

The cedi didn t remain strong. Ghana simply delete some zeros from its currency some years back. It is just like Nigeria removing two zeros from the naira and saying that naira is now #6.5/$1. Nothing changed.

ike007:
How did the cedar remain strong against the dollar compared to Anglo phon country's currency?

seunayantokun:

Very good. Some don't reason deeper before saying trash but the way you've said it is so clear.

That na Mumu analogy.
The real analogy is Ghana was at the 10th floor but dropped to -1000th floor below ground level. And you at the 2nd floor above ground. Who has more comparative advantage?
Cedis is useless with little purchasing power

You are wrong with that analogy. Ghana redenominalised their money in 2007. They dropped four zeros for example if Nigeria decided to make 1000 naira the new one naira note and that same note after many years is still underperforming. World experts know what they are talking about, don't confuse the gullible. If we had not close the border and stopped the importation of rice, we will be right there below Ghana.

dochenaj:
The Cedi is still stronger than Naira, though the degree of devaluation of the Cedi is higher than Naira.

Let me use an analogy. If you are on the 10th floor and you drop to the 6th floor that's 4 floors depreciation. But if you are at 2nd floor and remain there, that is zero depreciation but that doesn't make you better than the person on the 6th floor.

Kasssandra:


Therein lies the problem.

Mind you, Ghana earns billions in revenue from cocoa. Why it is not that much is because a lot of other nations produce cocoa. (Nigeria included). And if every country has a good cocoa harvest , that can bring down the price globally.(Pirice of cocoa is not determined by Ghana alone...). Only way Ghana can benefit from high prices of cocoa is if Ivory coast (largest producer) and say Nigeria have issues with producing cocoa due to disease, meaning production falls, and prices go up.

Do you know how much a 200gram of chocolate bar cost? I think a country like Ghana ought to be able to process its cocoa, they dont need to export it to Sweden to process, thats the point am making, the era of exporting raw materials for African countries is over, they need to process their raw material and export them as finished produce, that's where the real money is.

Many African countries are still exporting raw materials, Nigeria exports crude oil, South Africa, rough diamonds, this handicap is systemic if you ask me.

The way every currency of the world is just falling against US Dollars makes me wonder what is behind this US Dollars that's making it so strong and it's value just keep skyrocketing every day!

inoki247:



this are correct buh we are talking abt economy here and which currency is stronger not all what you listed....



When we get to that bridge we go talk abt that.....

Buh someone with 2k in Nigeria will survive beta with his 2k than someone with 30 cedis....


What's the price of there fuel, what's there electricity tariff....


We are talking about economy for now is easy to survive in Nigeria than Ghana...


the only currency I can boast of is Cefa which refuse to climb 700 cefa for long now....


imagine using 10 cedis to enter a bike from Ikorodu to Garage to Agric.

That's like 800naira where on norms sef if things no gel u waka am...


we neva even talk about 30cl coke dey sell for 5cedis+ that's like 400naira and we still buy Coke in Nigeria 35cl from 100 to 150 and 50cl like 170 to 200...

50cl na 130-150

Starzo:


50cl na 130-150

Me I'm just trying to inflate it so people no go talk jargons u know say price differs in some states....

inoki247:



Carry your cry comot for here since you can't appreciate the country for once no mata aw bad the country is we are still better than some people....

I don't know what you are ranting about? You are better than Ghana? How many Ghanians are coming to Nigeria?

Ilaje1:


Redomination is just a comestic dressing of a problem. Redomination is bad thing, It will cause inflation. For example, A banker salary is 50k cedis per month, transport to work to and from = 2k. A congo of garri 1k. Now Ghana redominate their currency by removing 3 zeros. Hence the teachers salary is 50 cedis (controlled environment). Transportation is supposed to become 2 cedis, it is not regulated so they can decide to make it 4 cedis. The person selling garri can sell her congo of garri to be 2 cedis instead of 1 cedi. Prices already doubled , the teachers purchasing power has reduced.

2 things to take away, redenomination doesn't add value per se. Instead it can cause inflation you have seen in the example. Because most don't know what is going on, they will just set their prices. One of the issues Ghana is facing. Upon that the money has depreciated more that 10 times after redenomination. Thank God Soludo was stopped because he was going to follow Ghana but I guess after proper analysis, people made him realized it is just a cosmetic measure. The real $1 value in cedis now is 1 x 1000 × (the current rate which is btw 10-12) so $1 is about 10k+ cedis in real value. Hope this makes sense. You have to spend more in Ghana to get equal value in Naija, meaning what you will get for 200 naira in Naija, you might to spend 600 naira equivalent to get that. If the condition continue to get worse Ghanaians will start moving to Naija, Ivory coast etc provided they can get jobs.

Sir, thanks for the analysis.

Good

quentin06:


Do you know how much a 200gram of chocolate bar cost? I think a country like Ghana ought to be able to process its cocoa, they dont need to export it to Sweden to process, thats the point am making, the era of exporting raw materials for African countries is over, they need to process their raw material and export them as finished produce, that's where the real money is.

Many African countries are still exporting raw materials, Nigeria exports crude oil, South Africa, rough diamonds, this handicap is systemic if you ask me.

During Obj period, you know Nigeria exports Cocoa in high volumes. Ekiti, Osun, Ondo and part of Edo made big business that time. Many Commercial banks opened branches at Ilesa a rural town in Osun State and many people are wondering why there is competition among banks to open their branches. There was Cocoa boom previous years.

FG placed partial ban on raw cocoa export and gave loans to companies to process cocoa. Oyibo refused to procure processed cocoa maybe about 20% success. This created problems.

Oyibo is the major problem of Africa when it comes to export of processed or packaged items abroad.

voltron14:


You know Nigerians don't like to know the truth.

Nothing hurt me more than when Nigerians were busy forming endSARS just after covid and low oil prices.

Nigerians are a rare breed abeg.

are u mad,don't even bring endsars into this...sarz that were killing people at will.. something is wrong with you

SmartPolician:
If Nigeria doesn't get someone who understands how economy works to run the country post 2023, Buhari will be a child's play.

It's time for Nigerians in Ghana to relocate to the next country, probably South Africa.

relocate to south Africa and destroy the innocent country too? anything Nigerians touches, they destroy. after destroying Nigeria, they went to Ghana and destroy them too. now Canada will be next.

NgeneUkwenu:
Just few months back, Ipob vandals were all over the place, praising Ghana and cursing their country.

Useless bunch of kanu urine drinkers.

Yet Ghana has better roads, better educational system, better healthcare system and better electricity. All you have here are senseless tribal biased ignoramuses such as yourself drinking your very own urine. Vote wisely do one thing right for once in your miserable life.