₦airaland Forum

vankelvin:
That's their new National Head-Office

OH okay .. nice

vankelvin:
That's how they are.
In their hearts they know very well their party has failed, so far the worst government in the history of Ghana but they will never ever vote for NDC

They make no impact for now because all the floating voters like yourself and I spotted the mess earlier and change course... The little who didn't do earlier, had their eyes open just 2 months after the election so.

Can't wait to have Seth Terkper back in the economic management team

NTSA:
just a random conversation in a certain Whatsapp group.

so what should I do with it?

Or is it value that you don't understand?

vankelvin:
That new orange building though
Thumbs up to the Methodist church of Ghana

Are they the owners ?

What is it being used for?

It looks unique in it setting and fit right in

vankelvin:


Exactly so
2024 election should be a matter of track record and vision not partisanship.

The moment you hear someone say [b] I won't vote for NPP and NDC then you know that person is a disappointed member of the ruling government. That person acknowledges the fact that his/her government has failed woefully however voting for the opponent party is also not an option for him/her

What a way to spot them

rvp20182:
You cant rig or cook for long - that is your cedis is collapsing - Kshs remain very very strong and inflation is single digit.

Data cooking is a Kenyan thing and not Ghana.

Kshs strong ?

How does it compare to the Cedi in value ?

Even Miss Trudy will educate you

rvp20182:
Nonsense.

You this guy, you really don't have sense how do I expect you to understand sensible stuff.


Wait for the next shortages in your economy, the last one was just this May and June but thanks to the WB and IMF.
4 months down the line and you're already out

Mkenya2019:
Madness.

As usual... When your craziness has been exposed
You scream tantrum


All of Ghana real economic data remain better than your country Kenya except for inflation and cedi depreciation but the real impact of those two is still better than what exist in Kenya.

Mkenya2019:
Cedis started this year at 6 - now we are 14 - that is 150%. You cant spin it.
Kshs started at 113-115 - now at 120 - very little.
No one in kenya has problems finding dollars...the is little concern on the spread...but nothing compared to say Ghana or worse Nigeria.
We still have 4.2 months cover of forex reserves.
You're down to 2.9 months cover of imports forex.
By dec - it will be a month like Ethiopia

Your central bank keep churning out fake data
Kenya forex reserve is at almost 6 billion dollars with Kenya month import of 2 billion dollars, that is less than 3 months cover.
Ghana reserves stands at 7 billion dollars with a monthly import of 1.2 billion dollars but as we normally do in Ghana, we under report it to be 2.9 months.

Tell that to Kenyan importers who can't find any dollar to buy and they will slap you... Do you think it is out of no reason why there are food shortages and fuel shortages in your country Kenya?

With this kind of capital outflows from Kenya, your country is in serious trouble ... No wonder your importers are struggling to find dollars

Mkenya2019:
Chinese are real true owners of the small scale mines because Ghania dig the dirt - but are not allowed in the refining room - where chinese poison your water with mercury - count the gold - and declare what they want.

The whole gold purchase scheme is a failure - cedis is in free fall.

Bretton wood gold standard sounds like 0.1 or 1.0.

We are not going back to Gold or Cowery Shells - countries are moving to digital currencies.

Gold simply cannot handle the volume and scale of global transactions. USD will remain the king - and eventually a basket of global currencies.

Ghana desperation to buy Galamasy gold is hilarious

Gold mines are not licensed to foreigners... The real mine owners are Ghanaian politicians ..
The Chinese are mere workers hired to carry out excavations.

Our gold purchase program has so far been a success whereby Ghanaian gold miners who mine 48% of Ghana gold are busy selling the gold to BOG collecting cedis and investing it into real estate. This has led to the huge boom in Ghana 12 million tons cement consumption.
In 2 to 5 years time, the BOG whole have accumulated enough gold to declare a 70% reserve to circulation ratio like Switzerland.

Gold and learn what Bretton wood 3.0 is and you'll understand why Germany, France, UK, China, Russia and every Asian Central Bank has accumulated gold.

Mkenya2019:
There is no black market for dollars in Kenya. Of course Kshs like all currencies in world have been under pressure from a very strong USD - but nothing unusal - same 9% the Euro or Swiss franc has depreciated against the dollar.

As for Ghana - 140% inflation rate now - and 100% plus currency depreciation.

Madcow - you cannot spin economic data. You own gov has attempted it - but things just become worse n worse.

"Finance Minister Ken Ofori-Atta tells investors that their "best bet is still #Ghana." SPOILER ALERT: Ofori-Atta must be dreaming. Today, I measure Ghana's inflation at a stunning 142%/yr. That's nearly 4 TIMES the official rate."

Tell that to your importers who can't find dollars anywhere to buy as more Kenyans and companies in Kenya have decided to hold on to their dollar and starve importers on any.

The Ghana cedis has done a 50% depreciation but it remains highly stronger than the kshs.


Keep spinning your economic desperation and you'll start seeing another shortage of food stuff and oil like you saw in May which led to huge lines for everything.

rvp20182:
I stopped on 1st sentence. Usual madness. Every country has outflows and inflows. Those chinese are sending serious money home. And so are oil, gas, and even Lebanase. MTN south africa alone is cashing out serious money I bet. They dont send cedis - they send dollars.

I see you are already begging MTN to keep their money in Ghana. This happens again when you dont have strong domestic economy.

-->Profit repatriation and the Cedi
https://www.businessghana.com/site/news/business/263130/MTN-commits-to-support-Ghana-CARES-initiative
With regard to profit repatriation and its immense impact on the local currency, the MTN Group president pledged the company’s commitment to repatriate profits in a manner that would not hurt the value of the Ghana cedi against the major foreign trading currencies.

Consequently, he said the telecom giant had began discussions with the Bank of Ghana to find ways that could help reduce the impact of profit repatriation on the value of the local currency.

dollar outflows from Kenya has reached 6 billion dollars

Meanwhile in Ghana, the outflows is a mere 500 million dollars which is the traditional outflows that come from Ghana yearly.

rvp20182:
No, you were desperate for forex, and thought you could print fake cedis, and use it to buy gold from poor galamsey. I think by now the Chinese shaoling gangs must have gone underground with their gold. No sane person can exchange gold with a falling cedis. They will sell in dollars. You go find dollars and buy all the gold you want - or start gov owned mines - and mine as much gold as the swiss. After you learn to make chocolate bars.

Bretton wood 3.0 - desperation - old desperation. Kenya was there in 1993. With forex running out - gov decided to go to DRC and try steal their gold - and re-export.

Now Ghana is trying to snatch small miners gold and use it as hard currency

Chinese are not mine owners

All the gold miners are busy lining up to sell their gold to BOG and receive cedis.

The kid does not even know what Bretton wood 3.0 is.
Your country will be caught wanting in the sinking dollar system.

rvp20182:
Nonsense. Port charges are small potatos. The big problem - they are dealing with cedis that is falling everyday - and it's hard to find it - except to forage in black alleys and markets. Your central bank can hardly meet 1/4 of the demands. And then when they import - they have to deal with dead stock -as Ghanians can no longer afford to buy many things.

As for Kenya - you will never understand just how strong and resilient our economy is - and it starts with having very strong domestic economy that manufacture a lot of things we use. Then our imports or trade - almost 50% is done within Africa (highest intra-africa trade in Africa) - you dont need to use dollars to trade with Uganda or Tanzania.

That is why we breeze through all these global financial crises like nothing happened.

Fundamentals as we speak. Inflation headline is 9.5% - underlying is 5.7 percent. MPR or base interest is 8.25 percent. Currency depreciation 9 percent. Our fundamentals and macro-economic looks very good...despite a serious drought.

Well there's no dollar shortage here hence the black market is almost negligible.
And importers have had their issue of rising port charges resolved by fixing the exchange rate at port.
Ghana import has continue to dwindle because of strong manufacturing here.

Meanwhile in kenya, dollar shortage has led your importers to scramble around ... With a rise in the black market.

Your 22 billion dollars of import which is done in dollars a great disservice to your economy as you guys can't manufacture anything and be competitive.
None of your neighbors accept trade for anything less than the dollar.

rvp20182:
What about the outflows - you basically import almost everything - oil export of 3B - refined oil imports of 5B - you're negative. 1st half of this year - exports of 7.6B - imports of 7.5B - before we factor out forex outflows - as investors and ghanians dollarize & run away from your dying economy.

The IMF and WB has already indicated that there's almost no outflows out of the Ghanaian economy... They made that observation just last month by observing the trend over the last 3 years.

Ghana run a surplus and has been doing so for at least 9 years.


The report also shows an increase in total imports from about 6.7 billion dollars in June 2021 to about 7.5billion dollars in June 2022.

The latest figures by the Bank of Ghana indicate that the country received nine billion dollars from her exports in June 2022 compared to the estimated 7.5 billion dollars it spent on importing goods for the same period.

Ghana oil import is only 200 million dollars

rvp20182:
Crazy Logic.
You went gold purchasing hoping to stop the cedis depreciation and rein in inflation.
It has produced the opposite impact.
The cedis has decelerated even faster....

We went gold purchasing using the cedi in other to change our entire monetary regime to adjust to Breton wood 3.0.
Increasing our real money reserves to effectively create a 70% to 90% reserve backing for every cedi in circulation just like Switzerland.

Mkenya2019:
Focus madman with mindless spin that dont sway anybody here.
Here is your GUTA chair describing the situation at the port...this just last week
He calls it eye sore - no containers are coming out of the port.
https://www.ghanaweb.com/GhanaHomePage/business/Possible-shortage-of-goods-items-likely-to-hit-Ghana-ahead-of-December-GUTA-1655855

And so does importers/exporters

“We think there is going to be a shortage of some food items,” said Samson Asaki Awingobit, executive secretary of Ghana’s importers and exporters association which includes buyers of grains, flour and rice. “The dollar is swallowing our cedi and we are in a hopeless situation.”

As usual.. you're just crazy with no understanding of what he is saying.
They complained that the charges at the port was too high and used this argument to bend govt will to reduce duties paid at the port by by establishing a fixed rate of 8 cedis to a dollar at the port.

If Ghana is to stop all import today, it will take 2 to 3 years before there is a shortage of anything here.

In Kenya, it only took 2 months and you guys were looking like Venezuela

GeneralDae:
I think there was a recent influx of 1.2 Billion dollars cocoa loan for Ghana if I'm not mistaken, or is it yet to come?

it has
There was also a 1.5 billion oil inflows and a 750 million inflow so the market is flush with cash

Mkenya2019:
Central Bank stepped in to pay local debt when Finance Ministry Treasury revenues couldnt pay for it.
That is layman mean Ghana has been printing money to pay off local debt.
No wonder Cedis is on a free fall.

Yes Ghana has been printing money.... I've said it here before, it is a direct response to the gold buying policy.

The cedi depreciation is only a temporary response to the printing as it will effectively establish a peg overtime since the printed cedis is backed by gold reserves and over time every cedi in circulation will have a gold reserve backing under LMBA certification.

This will make the cedi even more stronger than the kshs and make more Kenyans making the move to Ghana see their kshs worth sand.
More Kenyans are coming to work in Ghana because with the little cedis they make here can make them thousands to a million kshs when they convert.

Mkenya2019:
Long stories. Your country economy cannot be saved by mindless spinning and propaganda.
Your Eurobond is sad story - interest and principal payments are crazy
As we speak your central bank cannot meet dollar demands.
It supplies 25M against demand of 100M plus.
Already imports are drying up - containers coming to Tema port becoming few and fewer.

https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Bank-of-Ghana-could-not-provide-importers-nearly-80m-to-import-goods-MP-alleges-1656659

That's just a lie from Isaac as he tries to play politics because in the October window, the BOG received fresh 2 billion dollars inflow and every importer was able to access as much funds as they need.
The importers association is a strong pressure group that will come out to say whatever their challenge was and in October, their only challenge was for govt to stabilize the forex rate on duties at the port.

You don't have to lie to make Kenya look good kiddo... Ship call at Tema Harbour has only gone up since June.

In Kenya, there's forex shortage and your importers can't find forex to import.. leading to import dry up which led to fuel shortages and grain shortages so you think she must be happening here.

Mkenya2019:
The country is on the verge of a fiscal crisis. Its 402.4 billion cedis of debt equated to 68% of gross domestic product at the end of July 2022, up from 62.5% five years earlier . When it could no longer tap international markets, the government resorted to taking out domestic loans, paying annual interest rates of almost 30%. The central bank stepped in to provide the government with funding after it risked defaulting on its local debt, but it plans to limit further support to stay within its legal lending threshold. The IMF has warned that the authorities will have to take remedial action, including restructuring its liabilities, to qualify for assistance should the state’s debt be deemed unsustainable.

you have said nothing here ... Using two accounts

Legon coming up quite well

TorpedoTortilla:
Honest question, is Ghana even worth investing into?

The economy seems unstable and the fact Ghana has gone to the IMF program 17 different times for bailouts. Sounds like I would lose more money than I would actually make there. If so, Kenya seems like the better option here.

Ghana is worth investing into hence why the country is very attractive and receives a large inflow of FDIs yearly.

Invest your money in Kenya and watch it go down the drain as Kenya does not have the numerous opportunities that exist in Ghana.

There's a reason why Capita outflows out of Kenya is so high at the moment

Mkenya2019:
Let me break it down to you. IMF are currently working on your case...to see just how sick your public finances are so they can determine the best way forward

1) "Best" case scenario - Ghana has a liquidity problem - IMF put you in their HDU - for at least 3yrs - you wont be able to access debt market until 2025.
2) Worse case scenario - you have a solvency problem - Ghana go through a protracted debt restructuring - like Zambia is going through - Ethiopia too - recovery will take longer - maybe 5-10yrs. Access to Eurobond in a decade is out of question.

3) Worst case scenario - you do a classic default like Srilanka. Nigeria adopt you and colonize you as they send AID.

Now the questions is which is more likely. #3 is very likely. You have attempted to improve revenues and slash expenditure - nothing doing. You can probably restructure domestic debt but you took a lot of Eurobond - which is very hard to restructure.

So #3 is looking increasingly very likely. Your foreign reserves have dropped from 10B to 9B to 6B - and now I think about 2B in a year. The cedis is depreciating seriously.

The more IMF delay with deal - now very unlikely until 1st Q of 2023 - the worse it will become. By January your gov is likely to have depleted it's forex reserves...and Srilanka will have new company.

Nigeria will be sending Jollof rice...so dont worry

While Kenya foreign reserves is dropping quickly and was 7.4 billion as at September... It is around 5 billion dollars in November... Because of this you thinking Ghana is in the same league with you.
Ghana reserves as at last month stood at 7 billion dollars... With new inflows, it has gone back up to 9 billion dollars as at the beginning of this month.

Don't worry, Ghana will not join Kenya in it classic default class..
You're lucky the IMF came to save you.
Ghana at this point is in a better position because Ghana did not spend it 11 billion dollars Eurobonds on loss making ventures..
Every where our Eurobonds were spent are capable of repaying them. Just Ghana Gas alone with it 800 to 1000 million dollars turnover is capable of paying Ghana Eurobonds and if we want, we can list Ghana gas 10 billion dollars in valuation or GNPC at 30 billion in asset under development valuation.

Ghana liquidity issue is not a big deal and wouldnt have been if not for the tight politics here. It will be over in 6 months

This is where Ghana Eurobonds went to, a 7.7 billion dollars development which brings in 3.5 billion dollars in both savings and revenue flows from Sankofa gas.

Another 2 billion dollars in Eurobonds in 2021 was spent acquiring various oil and gas assets.

An extra 2 billion dollars of Eurobond money is being spent to increase gas handling infrastructure to prevent Tullow from flaring 300 million dollars worth of Gas yearly.

Overlooking Osu

Overlooking Ridge

Mkenya2019:
No chance. I will be here to watch the disaster happen live live. This should be a lesson to many

Double comment

Mkenya2019:
No chance. I will be here to watch the disaster happen live live. This should be a lesson to many

There's no disaster to happen because our problems has already been resolved.

Kenya is still trying to find it way in that IMF program...
We've watched your disaster unfold over the last 2 years, Ghana is not as poor as your country..

We didn't spend our Eurobond on lost making businesses like Kenya did. Once you learn the difference between liquidity challenge and the debt crisis of Kenya.. you'll learn sense.



Anyway, here is Miss Trudy telling you how strong the Ghana cedi is... She was pissed that all her life savings in Shillings earn up being peanut money in cedi equivalent.


https://www.youtube.com/watch?v=BKSOyCfmANY

Mkenya2019:
Great podcast explaining Ghana financial mess.They explain the Ghana & Zambia Siamese twins . Ghana reckless borrowing of Eurobond. Ghana failure to run to IMF and strike the deal - instead using their central bank to print Cedis - which has led to currency de-valuation. Debt restructuring is now looks inevitable....leading to huge mess..for investors, pensioners, etc.
https://podcasts.apple.com/us/podcast/is-ghana-headed-toward-a-debt-restructuring/id1586202078?i=1000576899617

Focus this energy on Kenya... Ghana is in a far better place.

Kazikazi:
who in his right mind will trust your figures? Since when have kenyan gov stopped cooking data?
You remember what u did on road network figures?
You remember what u did on hunger index?
You remember about your overrated GDP?
You remember about last mile connection hoax?

The fraud never ends... Anyway, IEA Kenya has already told us Kenya has less than 50% connection.

obaaderemi:
Popizaino? That's hard to believe.

That's the way he type

rvp20182:
You have not signed IMF deal yet - because you're taking time to process and stomach IMF conditions. At least Nana now has accepted IMF program inevitability. The conditions are coming...wait for them.

Kenya has very soft IMF conditions - because we went in with everyone during COVID- South Africa, Nigeria and name them .

As for subsidies - there has NEVER been subsidies in kenya - this was Uhuru voter bribery attempt. The maize was introduced a week to election. Fuel subsidy started I think April in 2021 and lasted one year. It was not really supposed to be a subsidy - the money was to come fuel stabilization fund and was for diesel only - but as election approached - desperate Uhuru turned into a fuel subsidy.

Uhuru of course lost with his project and Ruto was quick to terminate it.

Kenya has a serious debt crisis and there's nothing like soft IMF conditions for a country in debt crisis like Kenya.
Ruto had no choice because it was an IMF condition from last year but your govt then saw it wise to leave the decision for an incoming government..All the tax increases you're seeing in Kenya is just the IMF purging you guys.

The majority of Ghana debt are into stuff that can pay for themselves, so no one is worry about Ghana debts.

What everyone is worry about is how the Ghanaian govt can free up cash to carry on govt programs because the govt is illiquid..

IMF is recommending an increase in taxes which the government seem against.
Ghana is taking time because both political parties don't agree we need an IMF program.