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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Ghana's Currency Slumps To World’s Worst Performer Versus Dollar (58529 Views)
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Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Perfectbeing(m): 2:02am On Oct 18, 2022 |
just2endowed:it's actually still surprising that Nigeria still have people like you who still doesn't know about redenomiation of currencies. 7 Likes |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Perfectbeing(m): 2:12am On Oct 18, 2022 |
tishbite41:Stopping him was the best thing that happened to the Naira. The Naira and the economy would have been ruined if he had been allowed to do that. 1 Like |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Buccalcavity2: 2:12am On Oct 18, 2022 |
GooErubs:Oga learn. They are educating you. Don't be fixated on exchange rate. Think about value (Purchase Price Parity), stability and balance of trade. Those are the determinants of currency worth. ECO101 This was what BAT mentioned but ignorance no go gree people understand. 10 Likes |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Perfectbeing(m): 2:17am On Oct 18, 2022 |
Originalsly:So who should we borrow from? If we borrow from China that has less interest rate and less stringent condition una go still complain. And don't make the statement that we can do without loans because we can't. Oil money and taxes are not enough to build the infrastructures we want. |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by udemzeus(m): 2:28am On Oct 18, 2022 |
Ghana should devalue its currency finally and boost its export |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Buliwyf: 2:29am On Oct 18, 2022 |
MoneyMustBMade: You are ignorant. Ghana just rebased their currency and that is why it's better than the naira in current unit value. So their currency is still the worst. Maybe you should educate yourself before talking. 8 Likes |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by udemzeus(m): 2:30am On Oct 18, 2022 |
Ghana has a land mass of 200,000 SQ KM, which is five times smaller than Nigeria, yet it cannot develop its infrastructure, what a waste. 1 Like |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Buliwyf: 2:36am On Oct 18, 2022 |
MoneyMustBMade: This guy na illiterate. You don't understand economics. He is talking about purchasing power and other economic fundamentals. Not the cosmetic economic voodoo Ghana did to their currency that didn't work. 11 Likes |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by MikkySexy23(m): 2:38am On Oct 18, 2022 |
voltron14: Nigerians are one of the most law abiding. Truly most economies are in shambles but the Nigerian system does not aid dissemination of the right information. Sometimes, instead of Government to tell the truth, they turn everything into a propaganda. Wanting to make themselves seen as saviours by the masses. Remember that the start of the Covid/EndSARS issue was when some politicians started to use Covid branded palliatives as birthday gifts. |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Ajehkpako4naija(m): 3:01am On Oct 18, 2022 |
NgeneUkwenu:including your Emilokan's leaking bladder. Useless Emilokan urchin |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by wink2015(m): 3:06am On Oct 18, 2022 |
Precinct: You are right to some extent but Nigeria and majority of the African countries are experiencing economic decline because of the actions of corrupt political leaders. 1 Like |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Fearyourcreator: 3:07am On Oct 18, 2022 |
voltron14:Masses problem pass leaders own 1 Like |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Fearyourcreator: 3:10am On Oct 18, 2022 |
InvertedHammer:Lolzzzs 1 Like |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Abokilongthing: 3:10am On Oct 18, 2022 |
Until Africa do away with this dollar as means of exchange we will never progress because this America you see are bent on making sure they remain the god of the earth. That's why I dont like their philanthropies gestures in any form 4 Likes |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by seunmsg(m): 3:21am On Oct 18, 2022 |
GooErubs: Add back four zeros and you will get the real value of the GhCedi. $1 in reality equals GhC120,000. 5 Likes 1 Share |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Nobody: 3:23am On Oct 18, 2022 |
agadez007: She is an illiterate Ghanaian or an IBO trader in Ghana disguising as a Ghanaian lady. If you think about IBO hatred for Nigeria beclouding their reasoning one becomes very depressed. Ghana economy can never be compared to Nigeria. No basis of comparison. The only thing is that Ghanaians are very modest people. Decimalisation of Cedis done over a decade ago should not be the yardstick for comparing Cedi to Naira. 4 Likes |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Desusi: 3:24am On Oct 18, 2022 |
Seriously, unbelievable! This is a lesson to Nigeria government to sit-up and do the needful. Nigerians in diaspora should ensure they vote the right leader come 2023 election. |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Academicwizman(m): 3:34am On Oct 18, 2022 |
Heffalump: Add four zeros to the Cedes before you compare. Let me help you. When you add back the four zeros, Ghana Cedes to $1 will now be GH₵130,000 to $1. Now, tell me which of the currencies is stronger. Ghana currency is fast going the way of the Zimbabwe's currency unless the country do something extraordinary. Besides, if Nigeria also re-denominates her currency like Ghana did (removing 4 zeros), 7.5 kobo will be ( nominally) equal to $1. According to your logic, Naira will be more valuable than the US Dollar which is not true. 7 Likes |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by akwesenana: 3:57am On Oct 18, 2022 |
1NGN = 3 South Korean won. Nigeria is better than South Korea. Dumb lots. 12 Likes |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by inoki247: 3:59am On Oct 18, 2022 |
Iriruaga100: Bro u don't need to convince this people or lecture them a Liter of Petrol is at 12.7 right now people in Accra are taking bike for short trip for as much as 10 cedis imagine going from Ikorodu to Agric Bus stop make dem dey charge u 1k.... And where du u want to see Cedis exchange for 25GHS u wan go rob CBN you will be buying your cedis from black market maybe at 16 right now that's if you've luck wetin u wan use 16cedis buy.... He no even buy Semo 1kg wey be 20 cedis.... The money I can say rugged now na Cefa and you will see most Ghanaian going to Togo to buy things..... Cefa wey worst towards Cedis before now na him dey beat cedis blue black and derr dollar no gri jump any aw... 2 Likes |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by sulaak(m): 4:02am On Oct 18, 2022 |
Okoroawusa: If you take loans in another currency, then it's your fault 1 Like |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by inoki247: 4:06am On Oct 18, 2022 |
Iriruaga100: Bro u no fit lecture this kids dey av neva spend the currency for once na Google dem du use.... They go to Google and type how much is Naira to Cedis whereas in real life you can never get that rate wu wan sell am for u..... 7 Likes |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Nobody: 4:27am On Oct 18, 2022 |
inoki247: I observed that the social media in Nigeria (including Nigerians in diaspora) is mostly populated by youths who are not very intelligent and exposed enough to contribute to political and economic discussion. They are mostly musical stars, football stars and presidential aspirants fans. They also do online dating and business (legal and yahoo). You cannot objectively and constructively educate them. Ghana carried out decimalization of CEDI during Obasanjo government. As at this period, at Allen Avenue, Cedi was worthless, just like paper. Prof Charles Soludo was the CBN governor. He submitted proposal for the decimalisation of Naira to Obasanjo to make =N=1 equal $1. That was 2007. Obasanjo gave approval. Yaradua came. I remembered late Prof Sam Aluko wrote to government against decimalisation of Naira. Prof said it is a very wrong economic principle and that economic forces should be allowed to control exchange rate to visibly see how the economy performs and to prevent false confidence. Some economists supported Prof Aluko. Yaradua stopped Soludo from decimalising Naira. Despite the poor performance of the Naira compared to how Cedi performed after decimalisation, Naira is still stronger than Cedi in economic indices The plight of Nigeria economy is that many countries are indirectly dependent on Nigeria. We can never have a very strong economy surrounded by poor family members. 16 Likes 4 Shares |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by inoki247: 4:30am On Oct 18, 2022 |
babaolofin: If we are to use dere analysis Nigeria is better than South Korea since Naira is bigger than South Korea currency..... Me no dey argue with anyone if u say life easy dere abg dey go.... No be me go stop you from enjoying the easy life u be adult na u go learn ursef.... 5 Likes |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by papalumi29(m): 4:32am On Oct 18, 2022 |
No, you have committed a fallacy, Nigerians are lawlessness to the core, drivers don't obey traffic light rules, ignore zebra crossing rules, driving against traffic, urinating by roadside, littering the main road, dump refuse in drainage, corruption/bribery is rampant, smoke and noise pollution..... the list is endless. You need to travel out of Nigeria and you will understand the high level of our crimes. Those examples I listed above believe me or not, no Tinubu, Atiku nor Obi can stop it, now it is an attitudinal behaviour like a norms for Nigerians, they see no wrong in it, and my brother, people are jailed for breaking it in another country. Back to cedi issue, Nigeria economy is far better and stronger than Ghana. I knew how they went about lifting the face value of cedi and leaving the intrinsic value. It is like a building with bad foundation. The building must crack, and it is just the beginning for Ghana, it will soon collapse. MikkySexy23: |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by georgeakins: 4:38am On Oct 18, 2022 |
NgeneUkwenu: Don't mind those guys, they are educated illiterates. I remember when Soludo wanted to copied the same monetary policy from Ghana few years back. Thank God that President Yar'Adua stopped him. 1 Like |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Nobody: 4:40am On Oct 18, 2022 |
inoki247: My brother, na so e be o 1 Like |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Ilaje1: 4:42am On Oct 18, 2022 |
tishbite41: Try to learn the different btw number and purchasing power. Any country can redominte her money and say $100 is 0.1 of that country currency. The question is what can you purchase with that 0.1. Hence purchasing power is the key and not number. Naira has values more than cedis. 4 Likes |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by Ilaje1: 4:45am On Oct 18, 2022 |
MoneyMustBMade: If you sabi your math, you can see that after taking 1000 out, the cedis has lost values to $ about 11-12 times. To make it easy let's use 10 times. Hence the actual value of the cedis is 10×1000×1 = 10000. Hence $1 is now 10000 cedis. Hope that makes sense to you. And you know dollar at a bank rate is a fraud. 700+ is that actually rate. When you create a bank rate, only selected people, people with connections will get it...bank officials, politicians etc are part of this. They will access the dollar at bank rate and sell to aboki at an instant profit. Common man like me and you can't get it. Govt you stop subsidizing it. They allow it to float at same rate with black market. Black market will cease to exist. People will easily go to bank to get dollars. Less demand for Dollar is what will boost Naira though. 1 Like |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by PapaFejiro: 4:46am On Oct 18, 2022 |
Very silly set of deluded and brainless human beings. NgeneUkwenu: |
Re: Ghana's Currency Slumps To World’s Worst Performer Versus Dollar by inoki247: 4:46am On Oct 18, 2022 |
babaolofin: Before I can argue with you about Ghana and convince me I will ask you some questions..... If you no fit answer dem den you're a joker goan experience the country economically first and come back.. 1. Have you try to get there papers and know the cost and how much... 2. have you try to do business in Ghana before and also know the cost of doing company registration as a foreigner alone.... 3. and shey u don buy fuel for Ghana before... 4. shey u don spend the Cedis gan gan wey we dey talk.... at least if you can answer this I know you've experience Ghana den me nd u can argue... 1 Like |
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