₦airaland Forum

Mkenya2019:
2011 is the year the fund was FOUNDED or started. That was of 2020. I bet by now you have exhausted it.

Mkenya2019:
1) No. Cocoa farmers are FORCED to sell their cocoa to gov, who has used it to borrow loan from China. All cocoa go through Ghana Cocoa Board (COCOBOD)

>The Chinese proposed to accept Ghana paying back the loans in cocoa beans
> Recently you have also mortgaged your bauxite/aluminum to the same chinas. Who does that?

2) You have borrowed 13B in Eurobond...and you intend to borrow 5B this year. It's crazy. If you consider the interest rate you're paying and the exogenous risk from ever declining cedis against USD.

3) You run away from debt relief because of the fear it would knock off your credit rating - leading to high interest in Eurobond.

I can predict you will be bankrupt soon. Zambia is just like Ghana. Not just now but almost historical. They are twins in macroeconomics. The MOST MISMANAGED COUNTRIES in Africa when public finances are considered.

I really doubt if Ghana and Zambia have economists in their public finance sector - what they do has always been hilariously crazy.

Look at the graph below - you have taken almost 20 percent of GDP in Eurobond where interest is nearly 10 percent and is paid in HARD currency. At least Nigeria takes a lot of domestic debt - and they can print naira (QE) and pay it off.

Who does that? . Sober countries who understand prudent public finance management take in Low or Zero-interest loans with long maturity if they are external - from WB/IMF/ADB/France Banks/Japanese Banks/Chinese Banks/US Exim Banks - and rarely gorge themselves on the "free" Eurobond with flexible high-interest rate and short maturity and huge forex risk. Otherwise, the majority develop a good domestic market because gov if worse comes - can simply print the money and pay the internal creditors - aka nationalize the debt

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15 September, 2019
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Just30:
that is the amount that was in the fund as at 2011

get proper education so that you will find it easy ready a chart

Just30:
dumb kid

this is the total amount of money that entered the two funds and retained in 2020 from petroleum proceeds... next time read well

kikuyu1:
Time for some more free therapy. Gather around,everyone!


https://www.wired.com/2017/02/dont-believe-lies-just-people-repeat/


https://bigthink.com/mind-brain/repeating-lies-people-believe-true-studies

Mkenya2019:
Again more just30 level of madness.
Kenya is not West Africa zoo - if you need proof of anything - it available.
Kenya external debt is 50 percent external.
That is roughly 35B dollars.
About 40 percent of that debt is multi-lateral - that means from IMF/WB/ADB - Low or Zero interest long maturing
Eurobond takes 8B dollars.
China takes 8B dollars.

So you can see commercial component of our external loan is really low.

It's 33 percent of 50 percent - meaning just 15 percent of our loan is worth worrying about. The rest again are low or zero interest long maturing loans

THE NONSENSE ABOUT TEA or TOURISM

Which economics is that? That is Ghana's kind of economics where poor farmers are made to borrow loan on behalf of their gov?

Taxes PAY debt. Our gov taxes are rising.

obaaderemi:
This is nonsense. No wonder Kenya's debt profile is so messy.

First of all, your external debt is 52% of total debt and rising. Your debt on the other hand is around $75bn! So external debt is more like $37bn.

The reason why you have to worry about multilateral loans is that they come with a lot of stringent conditions which affects the poor citizens badly. They're worse than bilateral loans and that's why
many countries prefer to make a larger percentage of their loans domestic. I bet you are not too dumb to know this, you are just grasping at straws with your argument.

In the 80s for example, the IMF made Babangida's government to impose something called Structural Adjustment Program on Nigerians. It was hell as records show.

In Kenya, the IMF has forced your government to freeze salaries for the next 4 years and impose higher taxes and increase fuel prices. All this at a time when people are still grappling with the effects of Covid and slumps in agriculture and tourism.

You see why people are turning to China?
But then, because your economy is too small to support your crazy lavish spending, you abused the China opportunity and borrowed more than everyone else. Loans are sweet, you thought. Kenya owes China about $7bn, Nigeria owes China less than $4bn. Can you see how fvcked you are?
That's why you have to beg up and down like a mad mothafvcka.
Kenya is going to have a big problem in years to come.

rvp20182:
By 2020 - you had almost emptied the stabilisation fund. The heritage fund got a mere 30m dollars - fund since inception was now 600M dollars.
https://www.bog.gov.gh/wp-content/uploads/2021/02/GHANA-PETROLEUM-FUNDS-FOR-SECOND-HALF-YEAR-ENDED-31-DEC-2020.pdf

obaaderemi:
This is nonsense. No wonder Kenya's debt profile is so messy.

First of all, your external debt is 52% of total debt and rising. Your debt on the other hand is around $75bn! So external debt is more like $37bn.

The reason why you have to worry about multilateral loans is that they come with a lot of stringent conditions which affects the poor citizens badly. They're worse than bilateral loans and that's why
many countries prefer to make a larger percentage of their loans domestic. I bet you are not too dumb to know this, you are just grasping at straws with your argument.

In the 80s for example, the IMF made Babangida's government to impose something called Structural Adjustment Program on Nigerians. It was hell as records show.

In Kenya, the IMF has forced your government to freeze salaries for the next 4 years and impose higher taxes and increase fuel prices. All this at a time when people are still grappling with the effects of Covid and slumps in agriculture and tourism.

You see why people are turning to China?
But then, because your economy is too small to support your crazy lavish spending, you abused the China opportunity and borrowed more than everyone else. Loans are sweet, you thought. Kenya owes China about $7bn, Nigeria owes China less than $4bn. Can you see how fvcked you are?
That's why you have to beg up and down like a mad mothafvcka.
Kenya is going to have a big problem in years to come.

Mkenya2019:
YEAR OF ESTABLISHMENT - the table is clear enough. How did you even manage to login to Nairaland.

Nobody has embarrassed her country like you continue to do to Ghana

Just30:
You really keep showing how backward an education in Kenya is

No wonder your certificates dont take you anywhere

Again, that is the amount of the fund in 2011

rvp20182:
Free reading from your bank of ghana

https://www.bog.gov.gh/wp-content/uploads/2021/07/Semi-Annual-Report-H2-2019-Public.pdf

Before Covid - it was 500M for Heritage and 300m for Oil stabex.

As we speak - its probably been emptied.

Just30:
The funds holds a total amount of near 20 billion dollars

Ghana will being afloat for a long time to come.... Your country does not have any saving from anywhere that will help keep kenya from bankruptcy...... For now, Ghana negotiation powers has kept you guys from defaulting badly

Use the grace period wisely and start using borrowed money on productive stuff that will generate money

rvp20182:
Bla de bla of a bleating goat. Your formal retail is behind Uganda.

theTranscriber:
https://www.lindaikejisblog.com/2021/8/10-year-old-girl-who-was-repeatedly-raped-by-her-aunts-husband-for-three-years-has-died.html

https://www.nairaland.com/6680667/10-year-old-kenyan-girl-raped-aunts

Kenyans are really pedophiles
Rvp20182
Vlain
Just30
mkenya2019 obiano13

obaaderemi:
In less than a year Kenya has lost a lot in its retail market.
The retail space is largely empty. Uchumi is dead, Tuskeys is dead, Ukwala is dead, Shoprite left.

The problem is the economy. Before Uhuru took over in 2013, Kenya was largely a backwater with no infrastructure. Just a huge kibera with a few oases of nice places for white and Asian Kenyans.

Uhuru took over and felt he needed to compete with Western and southern Africa. So he started borrowing like a drunken man. You might see a few shiny buildings and roads in Kenya, it's all bubble and the bubble is bursting seriously now. That's why companies are closing down. There's nothing in the economy to support the growth. It's all debt debt debt. And now tourism and tea are down. Kenya is down.

obaaderemi:
In less than a year Kenya has lost a lot in its retail market.
The retail space is largely empty. Uchumi is dead, Tuskeys is dead, Ukwala is dead, Shoprite left.

The problem is the economy. Before Uhuru took over in 2013, Kenya was largely a backwater with no infrastructure. Just a huge kibera with a few oases of nice places for white and Asian Kenyans.

Uhuru took over and felt he needed to compete with Western and southern Africa. So he started borrowing like a drunken man. You might see a few shiny buildings and roads in Kenya, it's all bubble and the bubble is bursting seriously now. That's why companies are closing down. There's nothing in the economy to support the growth. It's all debt debt debt. And now tourism and tea are down. Kenya is down.

Mkenya2019:
Which mall in Kenya is empty? Nakumatt had 65 stores and Tuskys the same - And they were all replaced by Naivas 76, Carrefour now approaching 20, QuickMart (45), and such.

Kenya's formal retail spaces are most likely 4-5 times bigger than Nigeria.

No - Kenya took a turn for the better in 2003/2004 - with exist of dictator Moi.

In 2003 - Kenya's GDP was 12B. It has risen almost 10 times in less than 20yrs.

If we hit 7 percent this decade - then by 2030 - our GDP will be 350B - we will be a middle class country at level of South Africa

Vlain:
Noise my friend-you are loosing ur formal retailing like crazy- everything in ur zoo is crumbling- the bubble has been busted. If care is not taken,I see Kenya struggliyto compete with Uganda in formal retailing.

Mkenya2019:
Keep praying for kenya downfall - instead of praying for Nigeria to wake up. Btw these 8 towers at River Estate- Ngara- are now under construction. Forget the malls - we left NIGERIA for the dead - long time ago

Personally today I signed off - 3 bedroom - purchase at Two River 26 Mzizi- it will cost about 100K usd - it's a great deal - for the location - and I will pay slowly for 2yrs - when it will be ready.


https://www.youtube.com/watch?v=6ych7v3rkVw

Just this mall alone is bigger than all Nigeria malls combined maybe. The guys who built this -are owners and contractors of the Nairobi Global Towers - wait and see.


https://www.youtube.com/watch?v=dtC3iQIg3kM&t=160s

Mkenya2019:
Bla de bla of a goat.

Mkenya2019:
You should see a shrink urgently.

Vlain:
Lol and finally at the bolded, was this in France or geneva?

Mkenya2019:
Keep praying for kenya downfall - instead of praying for Nigeria to wake up. Btw these 8 towers at River Estate- Ngara- are now under construction. Forget the malls - we left NIGERIA for the dead - long time ago

Personally today I signed off - 3 bedroom - purchase at Two River 26 Mzizi - it will cost about 100K usd - it's a great deal - for the location - and I will pay slowly for 2yrs - when it will be ready.


https://www.youtube.com/watch?v=6ych7v3rkVw

Just this mall alone is bigger than all Nigeria malls combined maybe. The guys who built this -are owners and contractors of the Nairobi Global Towers - wait and see.


https://www.youtube.com/watch?v=dtC3iQIg3kM&t=160s

Mkenya2019:
Don't be obsessed with me. I earn more than Buhari. We also recently sold one of our start-ups to a big US company. This startup I founded in my 20s. The School fees I pay alone for my kids is about Buhari salary - 73,000 per annum- I pay 40k each for 2 kids - and another kid soon..


https://www.youtube.com/watch?v=uzVZTYkRV3I

https://www.youtube.com/watch?v=6Jc8-0CCNow

When you have my brains and my work ethic - my friend - you cannot be poor.