₦airaland Forum

Mkenya2019:
Black-market rate is more expensive than official rate - at least in Ghana. It can only happen because normal human being (not a mad one like you) cannot get sufficient dollars from their banks. Or they are engaging in criminal activities.

So you many problems if people are going to backstreet to buy more expensive dollars when they can just walk to their banks and get cheaper dollars.

Is that why forex bureaus are acting like black market racketeers with such a huge difference? Is that why the parallel market in Kenya is selling dollars at 140kshs?
Kenyans might be really mad..

99% of people who need dollars go to license bureaus because that is where they can get enough forex to buy and those who have higher demand goes to their commercial banks.

In Ghana, we don't have a parallel market like exist in Kenya for a higher speculation because of the constant shortage in supply.


Ghana cedi because a floating currency in 1978 ... See how much growth our currency regime has matured ?
Do that for kshs so that your economic growth can actually affect Kenyans positively and see if your kshs don't end up at 5,000 kshs to a dollar

Mkenya2019:
Usual madness. You cannot have black market if you have a floating currency - that is driven by demand and supply.

yes you can as long as theres demand and speculation...

The black market is just an unlicensed buyer of forex
Are you still disputing that the Cedi is a floating currency?
The cedi is a floating currency while kshs in a managed junk.
Sleep, your economy is not capable of floating the kshs.
There will be an uprising by next week

Mkenya2019:
You dont have a floating currency when you have a black market for forex. Kenya is many steps ahead of Ghana in macro-economics.
You're small Nigeria where people buy forex from black market at 11 cedis to dollar - while a few fat cats buy from their banks at 9- HUGE ARBITRAGE - BENEFITING A FEW.
Those with connection - buy at 9 from central bank or their bank - go to the backstreet - and sell for 11
In Kenya - nobody has heard of black market of dollars - maybe pre-1990.

you are funny
Whether floating or managed, there will always be a currency black market.

Anyone who need access to forex goes to a forex shop.

Just Google Kenya parallel forex market and see the huge nonsense happening in your country.
While your cbk is selling at 120, bureau are selling at 122 and 126

There will always be underground trade for anything as long as theres demand and speculation

Mkenya2019:
You keep gold bullions and cedis in your central bank.
Forex reserves are kept in US fed reserves (dollar account), you may also have a basket of currencies - kenya does keep Euros, Pounds and some Yens - you dont have them in CASH - you open accounts in Reserves banks of those countries.
In Kenya - Central Bank - mainly provide forex to Kenya Gov (Treasury) to repay debts.
Commercial banks - have their own dollars - this for private sectors - transactions.
Central Bank also intervene on the market to stabilize Kshs by buying and selling USD to commercial banks - this what IMF has an issue with
But Central Bank of Kenya does a good job defending Kshs against weakening like CEDIS - by ensuring it makes available dollars when market is tight - and buy off when there is excess - it does forex trading like any other bank

I am telling you that we keep 20% of our forex reserves on hand and your still making noise.

At the expense of having the benefits of a floating currency, your country bank starve the growth of every Kenyan to keep the kshs as a managed untrustworthy paper.

Mkenya2019:
I hope you dont do that - it will have terrible implications. Just sweat talk IMF

Actually the consequences is the reason why we are acquiring large quantities of gold.

We will be declaring a certain quantity mixture of circulating currency as gold and other reserve backed

rvp20182:
Forex reserves are not kept in Central Bank of Kenya or Ghana literally like that . Central Bank of Ghana opens an account in US Federal Reserve Bank. When you need dollars - they rarely give it in CASH. They just transfer from their account in FED Bank of the US - to say China - and you buy your machinery.

What is kept in Central Bank is CEDIS and Gold Bullions.

I like the way you are dumb ....
The Central Bank of Ghana keeps it gold reserves and other precious metals reserve in it secure vaults... It also keeps 20% of it fiat reserves on premise for eventualities.

This explains why the central bank of Kenya look like a mushroom with no security systems... You have made yourself completely vulnerable to US blackmail

rvp20182:
Leave analyst - they can predict anything - they get it wrong sometimes - but this Ghana - defaulting for real.

Sep 20, 2022 — Ghana is poised to start talks with domestic bondholders on a restructuring of its local-currency debt as part of the West African nation's ...

And Fitch/Moody rating for Kenya remain B+ - while Ghana has now gone to CC - it's JUNK.

Ghana hasn't done any of such things, it was a speculation that was I'll informed forgetting the fact that the govt is completely against it and has opted for printing with a gold hedge

Not everyone is bankrupt like aid dependent Kenya..
How much doner funding did you take for your elections again?

rvp20182:
You'll soon know what defaulting means. Youre the type that learn through experience. It will be nasty. Already Cedis is at 11 to a dollar.

Watch Lebanon and Sri Lanka for free lessons of what is coming.

Labanon and Sri Lanka is currently happening in Kenya

Becareful else it will turn into another civil war in your country
Already kshs is at 120... For an import dependent economy that is a huge climb. No wonder huger has gone several daily up

rvp20182:
What are you securing when coffers are empty

The Ghanaian coffers is never empty because at any given time, there's 6 billion dollars that flows into it excluding taxes.

Kenya is bankrupt with no money coming from anywhere to help
That is why you defaulted and latter runned to IMF

rvp20182:
Heckling mad cow. Going to ECF doesnt mean you have defaulted. Defaulting is what about to do by asking debt holders to re-negotiate - just so you can get an ECF. It terribe. IMF is asking you to DEFAULT before it can lend to you.

I can see you have problems reading to comprehend...

You were defaulting on your Chinese debt so you begged for restructuring of the Chinese debt and domestic debt, when that wasn't enough, you runned to the IMF for ECF.

Ghana will never do that especially when it is busy printing
We are not bankrupt Kenya

rvp20182:
21 floor building - Central Bank has 36 floor Times Tower, Central Bank pension is more than floors. Central bank has branches in Kisumu, Mombasa, Nyeri, Kisii, Meru

Those two buildings are owned by central bank of kenya

25 floors building central bank HQ
The Ghanaian central bank has branches in Kumasi, Takoradi, Tema, Suyani, Tamale and co

You can't compare a mere empty building to a Central bank main HQ.

Nigeria built theirs for 260 million dollars
Kuwait 580 million dollars
Egypt is building theirs for 300 million dollars or so


Your 30 million pension building with no security features cannot compare kiddo

rvp20182:
Debt is repaid by gov revenues. Kenya gov collects more than 20B dollars in revenues. Kenya gov also own many assets. We can sell shares in 15 listed companies and half the debt if we want.

Selling shares is not an immediate response that can cover your debt obligation...
Your market cannot raise 12 billion dollars.

Even half a million dollars it struggles to raise.

That is why your country started defaulting and begged for restructuring before running to the IMF

rvp20182:
Nigeria has budget similar size to Kenya - debt similar size to Kenya - it invest zero in education, health, security - infrastructure projects takes 20yrs on average - cannot pay salaries or pensions on time. Ghana gov works - and if it default - it become Nigeria. Nigeria is in post-default state. Nobody serious is willing to lend it money. It should be able to get 300B dollars debt like South Africa - but it cant and wont pay. So it's just surviving like Zim, Somalia and Burundi - this where they cluster in almost every indices.

Only country currently defaulting on it debt is Kenya.... It made you run to the IMF last year for ECF..

rvp20182:
Kenya has never defaulted and is not about to start. We have new gov fixing small details and we will be fine.

What do you call your urgent debt restructuring last year including domestic debt?

obaaderemi:
I've always suspected he had a loose bolt in the head. It's sad.

I think so too

Mkenya2019:
Your current 5 floor building is more than adequate - you got empty coffers . What pray will you be securing - the worthless CEDIS?

Yeah, the current cbk office that look like mashroom is okay for Kenya but ours has outlived it usefulness hence the new one we are building ...

Your country is bankrupt and has no money for a new office, the little it has, it uses to manage your untrustworthy currency

Mkenya2019:
100M dollars Mad cow. That can build you 10 such buildings.

as for you, your level of stupidity is beyond crazy.

You think a central bank HQ is just another mere building er?

Even an airport terminal can't cost more than that let alone a Central bank HQ...

Don't worry, you can go and build a cheap central bank HQ in Kenya

obaaderemi:
What sort of country is this?

A country that failed to take technical education serious

obaaderemi:
He is a druggie. I've never seen him type anything that reflects his old age. The only purpose he serves here is to cheerlead RIP and the others.

He acts like a mental patient here

rvp2018:
21 floor building that will cost 200 billion dollars...what are Ghanians smoking.Such building cannot cost more than 10m dollars.You all need to go back to proper school..not double track nonsense

Good you have gone quiet to look for another deflective point.

The building will cost 100 million dollars together with it underground vaults and security systems

kikuyu1:
I try to avoid looping over the same ishyt but this is classic!



https://www.merriam-webster.com/dictionary/logorrhea

I like the way you're absolutely stupid with your inability to ever make sense on anything on this platform

If it is not conspiracy, it is absolutely stupid interjection

rvp2018:
Why is world biggest gold producer ghana in distress'
Answer nobody give a f of gold
Dont a fool

Ghana is not in distress ... Ghana is in tight space because of excessive spending over the last 4 years ... A spending habits that it has to keep up because of a competitive political space.

In other to keep this spending habit up domestic finance and monies from it investments alone are not enough, it needs to constantly have access to the Eurobond market. Shutting Ghana out of the Eurobond market because of it growing debt portfolio which worried investors of Ghana ability to pay back should it debt portfolio keep growing led to a cascading event.

Those invents has since led to a drastic Central bank intervention which has cause Ghana to effectively set a gold price slightly below international market price like the Russians recently did..

And all gold purchases will be done in Cedis, effectively setting a gold cedi peg which will lead to more Cedi printing. (Underwriting the currency)
Guaranteeing the purchase of all gold produced in Ghana by the central bank first before any export. A brilliant thing that should have been done a long time ago.. Something similar to what Switzerland does will be happening in the next 10 years when it come to reserve holding.

Just as it new HQ is coming up

https://www.youtube.com/watch?v=cu__oAAt-Xo

https://www.youtube.com/watch?v=liJaAyg0bLY

https://www.youtube.com/watch?v=uP4bLN_ILqs

rvp2018:
Treasury yes is finance ministry. GOLD is last century. Only an idiot keep gold now. Central bankers best gold is SOLID REPUTATION. One word like we will re-negotiate with domestic debt holders - you lose big time.

Only and Idiot would not keep Gold now.. especially when the only real money is gold and silver.

You think the US Fed is keeping gold for nothing or you thing it was for nothing that Germany and France requested for all it gold back from the US Fed in 2016, maybe you think the Chinese and Russians are shoring up their gold reserves for nothing....?

Boy you have not been paying attention, everyone is positioning themselves well for the coming Bretton wood 3.0...
Those who are going to suffer the most will be those economies caught off guard

You basically don't have a reputation if you don't have a strong and trusted currency like the cedi .... Holding a tea backed kshs will just be like holding a mango leaf in your hand, completely worthless

This is the reason why your central bank could not just print money to reduce it burden and put it forex where it burden is

rvp2018:
Construction damaged the lower road - as the expressway was being built.

So you decided to build sidewalks into breakwalls?

With the kind of IMF decisions your country is being forced to implement, when you have a popular uprising like Sri Lanka had over food and general hunger where would people pass, just in case they choose to be civilized ?

rvp2018:
More goat bleating. The problem is not with Central Bank. It's with Ghana Treasury. Sell the gold. Nobody cares about it. New GOLD is forex basket of DOLLARs, EUROS, POUNDS and FRANCS. Sell the gold.

You mean Ghana finance ministry?

Implementation of monetary policies come to Ghana central bank ..

Gold is the only real money kiddo and it is so good my central bank has caught up with the likes of Germany, Switzerland, China, Russia, BOE and the rest who have all seen where Breton wood 3.0 is headed ... A basket of commodity back currencies

rvp2018:
Samrobo use to do this - unfinished roads and try to take the shine away. Relax. The roads will be done. Grass will grow. Tress will blossom. GHANA will probably be under military rule Look like democratic process as failed...and a young captain will take over like happen in the neighberhood - Burkinafaso

so the road wasn't done and it was commission?

A road that all the workers have left and gone home because it is done? Anyway that wasn't the bone of contention but the fact that the road has no drainages because drains were an afterthought.
Also the fact that all the side walks lead into a break wall.

rvp2018:
Madman get your medicine and sleep. You sound like bla bla bla of a goat.

noise of an empty headed guy

Keep wailing like a goat ....

The Central Bank of Ghana is basically going to increase money supply by shoring up gold, which will in turn lower interest rates, generate more investment and put more money in the hands of consumers to spend.

Only the Ghanaian central bank is capable of doing this, the Kenyan central bank can't

68816419:
Oga . answer my question... How would a blind person navigate such a path?

Funny enough the road is done but chairman is still claiming it is under construction

68816419:
How would a blind person navigate such a path?

Wow, this can only happen in Kenya. How could this even happen?. Are there no inspectorate agencies set up to monitor these kinds of structures? No Nigerian construction firm would carry out such a poor work.

Probably have to were something similar to Sonar

Poor work is the Hallmark of Kenyan workmanship

rvp2018:
First there are many ways to end up in IMF or hospital.
You can go on your own or you can go via ambulance.
Kenya went to IMF on it's own volition - Nigeria went - everyone went - at first sign of illness.
Kenya dont have any pre-conditions or conditions in IMF that are deal breakers.

Ghana refused - because they wanted to go back to Eurobond & gorge themselves - with "free" money damn the interest rate.
Eurobond investors are smart - they sensed something was wrong - and run for the hill.
And now Ghana is being brought in ambulance to IMF hospital half-dead.
IMF is demanding it makes huge deposit - because it very likely to never recover as it's terminal disease.

Ghana has suggested to IMF that it will default on local debt - by asking debt holders to negotiate!
It's like handing hospital your house documents incase you die
These are just PRE-CONDITIONS to access the only DEBT you can get NOW.

That is before IMF comes up with it's chemo and radiotherapy that will make Ghana hair fly and reduce it's body size to 35kgs.

Survival rate in IMF programme when you come that sick is 10%

Kenya was forced to go because it couldn't Carey out it debt obligation and pay salaries at the same time so it went last year after several debt restructuring with the hope of being able to pay salaries, finance it budget and forfill it obligation but it realized even that wasnt enough and it needed another package.

Part of the conditions are what is now kicking I like the fact that it has to put all spending on hold for the next 5 years and a freeze on employment, more will be kicking in very soon.

Infact Ghana hasn't even approach a discussion with domestic debt holders because it made a decision early last year to increase money supply by significantly shoring up it gold holding under a first right of refusal law whereby the Central Bank will purchase 225,000 ounces of gold every quarter and print cash .


Looking at how the discussion is going between the two political parties in Ghana, Ghana may not even go under IMF because the money is largely not needed .... It has already secure the effect it wanted by calming the market.

Kenya will have to deal with the mess it created by it over reliance on debt to do everything.
Now the chickens have come home to roost and you're being stripped bare by the IMF.

rvp2018:
Mad cow - you have no more leg room.
Last time we spoke - you were talking about mobile money levy - that came and went - and now you're talking dangerous stuff
Like defaulting on local debt
Crazy - you're gonna precipitate a banking and financial crisis - because it's domino effect.
Banks and bond holders will kick the can to consumers like you.

And all this so you can access mere 3 billion dollars from IMF

Something is wrong with Ghana policy wonks.

Yes nobody will lend Ghana now - even local debt is out of question - but there are UNOTHORDOX methods to get out of debt crisis.

Ruto is working on such unorthodox methods that doesnt involve IMF.

It involve being bold - cut your budget completely as step one - avoid IMF straight jacket if you can - you already know the drill - eventually they will force you cut your budget, fire people, cut social spending etc.

Why not do it NOW.

Explain how a country default on domestic debt again? You're quite crazy
That is basically impossible, the very fact that the govt is against even restructuring domestic debt should tell you something.

Ruto is already at the IMF, the latest he can come out is 5 years from now


Fire people and make your unemployment crisis worse, there will basically be an uprising in Kenya before he is done just like Sri Lanka ...
Stop govt spending by cutting your budget and watch your entire economy collapse as govt spending is the only thing driving the Kenyan economy at the moment, tourism has failed to make an impact for e years now.

You'll only end up making the lives of Kenyans worse than it is now

Shma2022:
The trajectory is the bone of contention.


Investors have dumped your weak cedi and the nation’s bonds this year as it's doomed to fail. .

I see there is outcry of inflationary surge in your zoo. You have gone back to IMF, your father for assistance package of as much as $3 billion.

Says the country that has been to the IMF 24 times and is under a 6 billion package .


Ghana is more than capable of paying it debt without even going to the IMF.. it will all depends on the level of politics at play...

Ghana year debt servicing coast stands at 4 billion dollars or so.

I'll worry more about Kenya who is deep in a crisis