₦airaland Forum

Problemkid1:
Vaxx let be sincere to ourselves. Dar is more developed than Accra. Let just keep sentiment aside

Dar is not even developed as Takoradi

Dworwulo
Spintex
Kumasi
Tema Community 3

popizaino:
Good job there.


The pictures haven't covered achimota down to pokuasi, madina, awoshe down to Westhills yet Rvp said the city doesn't look like it has 1m population. We need to ask him him the picture he saw before coming to that conclusion.

I need to start taking pics of Tema, Nungua, Teshie, Dodowa, Afienya,James Town (British Accra), Bortianor, SCC, McCarthy, Broadcasting, East Legon, East Legon Hills, Cantonment, Westlands, Spintex and etc

JayPeeOham:
If ECOWAS is not careful we'll have our on NIGEXIT just like BREXIT

It will be great for ECOWAS

ECOWAS will become more effective and efficient

North Airport

North Airport

Accra

North Airport

North Airport and Dworwulo
Accra

Legon

Accra

More

Ridge

ACCRA

Ridge

ACCRA

vaxx2:
just30 .....Are you watching the budget presentation

no

i will wait for the breakdown

rvp2018:
I am at JKIA and I think the airport complex including hotels & cargo processing is bigger than ACCRA CBD.

then JKIA is the biggest airport in the whole world

rvp2018:
And you think Chinese are stupid Chinese insist on Take or Pay and add collateral on top. So you will not only sign a similar contract but also commit your oil or aluminum.

and the US does not insist on take or pay?


every loan must be paid back
one person wants to own your property so that they can make it efficient and take the profit.

the other person does not care as long as you'll repay the loan.

the third option is to list the company for every Ghanaian to own a share.

So far, Ghana has not signed any oil or alumina for money contract.

Kazikazi:
Yes,if they build a skyscrapers and leave them unoccupied, that is madness. But how can we prove it is unoccupied? Is it not the propaganda of the west which say the skyscrapers are unoccupied?

because whiles they block western media, they allow Russian media and Chinese media

rvp2018:
We rather import machineries than chinese finished goods or re-badged goods. We use the machine for what you can call import-substitution.

if you use the machinery for import substitution then your imports should go down in the short run
and export should increase.

but that is not the case.

rvp2018:
No problem - in the meantime - you're paying power producer 1B dollars. I think recently your refuse to honour your contract and last I heard US gov had come hard on Accra - and suspended the country from it's financing.

US gov swiftly withdrew 190M dollars in grants.
https://gh.usembassy.gov/statement-regarding-the-termination-of-the-private-sector-concession-by-the-govt-of-ghana-under-the-mcc-power-investment/
You better look for where to sell that power. Those take or pay contracts are not easy to wriggle out.

the US government helped in creating a ponzi company that wanted to steal a company of Ghana worth more than 3 billion dollars without any financial backing.
The Ghanaian government found out and cancel the contract in the interest of Ghana.

The US can keep it money, Ghana is creditworthy to borrow from China to help expand the capacity of ECG.
Infact, a simply listing of ECG on the Ghana stock exchange will solve the problem the company has.

rvp2018:
Kenya has very good domestic economy. You don't have to export to be vibrant.

yes you have to export to be vibrant

unless you are the one printing the reserves currencies

samorobo:
You didn't reply me based on what I said....Answer my question..why do all those things have to happen when your economy is supposedly growing at 5.6%...Something is cooking somewhere.. ask kenyatta

any economy with a birth rate of 2.5% and above

does not have the luxury of time to be growing at a meagre 5%.
the least it should be doing is 7% else the problems will pop up like cancer

rvp2018:
Don't console yourself IMF bailout is what Greece went through. It basically mean you're about to default and spread your sickness to global financial system. IMF was formed for exactly that reason. World Bank is for development. IMF is to police bad boys like Ghana who cannot manage their finance - and so they arrive in Accra - and run your country until you sort your issues.

What is IMF bailout?
A bailout is a colloquial term for the provision of financial help to a corporation or country which otherwise would be on the brink of failure or bankruptcy. ... A bailout can, but does not necessarily, avoid an insolvency process.

lies

IMF was formed to solve balance of payment issues.

And Ghana didnt go to IMF because it had or was close to having balance of payment issues.
Ghana went because of credit ratings continuous downgrade because of confidence issues with the managers of the economy.

rvp2018:
Debt-refinancing is use by many countries including US and China right now as you speak. US for example don't pay debt with cold hard cash - they mostly borrow more - or refinance or rollover debt.

That leave you with revenues that you collected to be used to pay salaries, recurrent expenditure and spare some for some capital expenditure or development.

except you are not the US
The US print dollars and their sole ability to print dollars is the destruction to themselves that they keep pushing back.

The US can easily repay t debt but it will come with enough pain that will see them lose their self-esteem

This is what they cant afford.

Kazikazi:
When north Korea construct a skyscraper, the west complain.When NK makes Pyongyang cleaner than cities in america,the west complains. Why? Is cleaning a city a propaganda? Is having your own software systems a propaganda?

No but building skyscrapers that no one lives in
in order to look rich and modern whiles 99% of your country does not have electricity is

rvp2018:
Let me summarize. IMF bailout are bad news. You should avoid it by managing your macro-economics better. Macro-economics - stable currency, low single digit inflation, low interest,etc

Your electricity sector is worse than kenya - you sign even more lopsided 'take or pay' contracts with power producers - and you're losing 1B dollars in excess capacity annual. You consume 3000MW with whooping 2000MW idle. At least in Kenya we stopped in time - we now have idle 1000mw. Tanzania and Ethiopia are about to face the music - of excess capacity.

Kenya we long turned the corner - we are nailing our challenges one by one - very soon Ghana will be back on their 18th IMF bailout as we become a middle class country.

You country is one huge pendulum swinging wildly - one minute growing at 1% - next 8% - fix that - fix the macro-economics - and maybe mayabe you can be taken seriously.

let see how Ghana has decided to solve it energy overcapacity
We have built our capacity to supply to as far as Niger.

Ghana is revamping her industrial capacity to gulp power production.

samorobo:
And the funny thing is that the debt keeps growing while adding more to the previous one....

Rvp and you have the hits to say Nigeria borrow to pay salaries when you borrow to pay old debt...like this is super insane.

both are bad because it strangulates the economy

vaxx2:
At indepence, only few country can claim is richer than Ghana that was when gold value was very high and dollars hasn't become the major reserve currency. not even Nigeria was richer than Ghana. so where comes the historical untrust of the cedis. what causes dollarization is simply trade. Ghana do much more import per head than kenya and Tanzania in combine . you can imagine the pressure on dollar by buisness men...

Ghana import more of machines and cement product. that is hard currency ( Ghana so has a lot of cliniker which is yet to be tapped).most of what you Kenyans are largely importing are food . food is taking a larger chunk of your forex.

I just repeat TZ makes more money on export than you guys and this is largely blame on your overvalued currency.

And the astonishing part of your economy is the attitude of using debt to pay debt . what a mess of an economy? your country is using the money it has borrowed to repay another debt, no new wealth is been created, which is causing your credit rating to fall

This is the reasons investors are demanding a higher interest rate to compensate for their risk since they know they will lose their money.

Kenya dept is costlier to repay ...your economy is in the hands of bad management .

Peter is paying paul.
The day peter will say no, all hell will break lose

#Ponzi

rvp2018:
The more we debate - the more I realize just how light weight you're in these stuff.

Let stick to facts - not our wishes like Kenya will become GREECE. Facts as of today.

1) Ghana is still under IMF BAIL OUT PROGRAMME.
2)This is GHANA 16th IMF BAIL OUT PROGRAMME. You're only independent in paper.
3) CEDIS is annually deteriorating. Next year you can bet 6 CEDIS to a dollar.
4) Don't talk about debt management when you ran still under IMF BAIL OUT.

In short the more we examine Ghana - the more we realize the rosy story is actually fake.

Fact still remains

1) Ghana is not uder IMF confidence building programme.
2) the more we look at Ghana, the more we realise all the IMF programmes Ghana has gone through were unnecessary but because of the nature of the tight politics in Ghana, parties used it as an escape. by playing the IMF

Even with the Cedi depreciation, it still remains a strong currency than the kshs.
Everyone will choose a currency they can predict to store their wealth than one that is fluidly backed by debt.

samorobo:
Stop decieving yourself...ayou are an import dependent nation with a secret valueless currency....just say the word Kenya is a zoo

who imports machinery and their export value doesnt grow

rvp2018:
CEDIS will not be appreciating anytime soon - it has depreciated what 5000% since 2008. That right there is crazy. Kenya has deprecated by around 70 to 100shs in the same period...about 30%.

CEDIS is on a free-fall - no amount of denial - will help it. It didn't help previously until you got tired of the ZEROS.... and decided to peg it to a dollar...now the zeros are getting added back.

Free -floating currency doesn't mean it depreciate that serious. USD versus British Pound or Euro plays within a very small margin.

bring the basics of your math

rvp2018:
CBK doesn't create USD. They create LOCAL money. USD is created by US's FED . If Central Bank of Ghana had a way - they would have created USD - to keep CEDIS from falling like a thud.

The central bank has a way

that is why they have increased their pressure on commercial banks to offer credit lines to companies who are doing import substitutions

rvp2018:
Where is evidence that we borrow USD to defend Kshs position? Kenya economy is well diversified and sophisticated for it's level. Our source of Forex goes beyond selling oil or aluminium or waiting for remittance from relative abroad like your primitive underdeveloped economy in Accra Ghana.

We have so many source of forex - and that is what make Kshs very strong. For example - UN offices in Nairobi - probably contribute 1B dollars. NGOs HQed in Nairobi and working all over East Africa probably bring another 1B dollars - Oxfam for example Global HQ is now in Nairobi. Tourist bring about 2B dollars. So that 11B trade deficit is alreay nearly half-plugged. Remittance bring in another 3B. Now before factor kenya very strong private sector running the show as down as South Africa, as far east as Congo and north as Sudan...all bring in forex. Before you factor capital flight from the entire region - who see Nairobi very developed financial market - and very open forex market - before you add Nairobi Stock exchange - and before you add all many FDIS - most of them through private equity funds.

In short debt is not source of forex - because we borrow as much as we repay. Zero sum game.

CEDIS problem is simple - forex leave as soon as it get to Ghana because nobody can trust such a fickle currency.

Your 60 plus billion dollars debt that hasn't created any expansion in your economy is an indication that all those loans where used to support your currency.
You've built a freight train but there are no production capacity in Kenya so no freight to be carried to the port.
the aim of the port expansion you are carrying out is to encourage import rather than export.

this is seudo economics

samorobo:
Gbam....That is a foolish act

it doesnt work


at least Venezuela is there for everyone to learn from

rvp2018:
How can inflation be capped I think economics is not your strongest point. Kenya has not had any serious problem like Ghana. You're just barely out of IMF emergency programme. because you were defaulting on your debt obligation. You are re-basing aggressively as credit agencies and euro-bond interest hammer you.

We spend about 30% of our budget to re-pay debt and we borrow about 30%. It called debt re-financing. Once our revenues grow - we will start debt leveraging - borrowing more than we repay.

It's not even 3yrs when IMF came to bail you out - because despite the so called 8% fake growth rate - your fundamentals are a mess. At least everyone can see Ethiopia growth is real. Yours - outside - Oil & Minning - IS NON-EXISTENT.

You have not had a serious inflation problem because you have capped inflation and this is a reason why growth is stagnating.

yes Ghana went to IMF through an IMF programme to be able to resolve an investor confidence problem that resulted from our energy crisis.
This is what a transparent economy means and not because Ghana was even close to defaulting because we never came close to defaulting.

Credit agencies are busy giving the Ghana economy a positive outlook.


You are using once your revenue grows as if your revenue is going to grow anytime soon
your economy has not expanded in real terms and value.
This is why purchasing power is contracting and real estate is contracting.

do you want to wait till tourism starts contracting before you realise you have a major problem?
Currently, you have hit a threshold whereby you revenue cannot support debt repayment any longer.

so you are borrowing to pay old debts, in order to be able to do this
you have increased your debt threshold from 50% to 86% or 100%

meaning you are becoming another Greece