₦airaland Forum

You're clinical insane.

Just40:
Ghana might not go to the IMF at all because the country has enough buffer to freely operate.

You might be wondering how the country debt fell from 54 billion dollars to 48 billion dollars in the space of a year.

Kenya is the one busy blaming IMF for not allowing them physical space to carry out spending because IMF tiny money is badly needed by Kenya

Mad cow - remember I predicted you coming out one Sunday to tell the world - we are BANKRUPT soon. Maybe in my off-days I can also moonlight as your finance minister.

The mad cow response - . Now their entire country is begging IMF to help them - I dont think IMF will rush - Zambia negotiation took almost two years. Ghana already blaming IMF for "non responsiveness".

Wait for it - it's coming. You wanted it.

The mad cow and Vax reasons like their Finance ministry - this what I predicted in covid - 2020

Before even COVID - I wrote this in 2019 - to the usual Ghanian id.iots contestation

rvp20182: 9:18am On Nov 19, 2019
You're just confused fellow typing nonsense. Your airport smiley and seaport; like you seriously want to compare yourself with Kenya?

Kenya debt market is mostly local debt - we are careful with external debt because of exogenous currency risk - so Kenya might have 60B dollars debt - but about 35 of that is owed to kenyans - and are denominated by KShs. CBK can just print Kshs and pay that off. The 25B dollars is external debt - about 1/3 of that 25B dollars is public guarantee to gov parastals - we never have to repay unless they go under. So that leaves us with about 15B dollars of debt - split btw commercial and concessionary loans - all mostly with long tenures...maturing in 50yrs.

In short - we don't have any debt repayment problem - monthly our total debt repayment comes to about 35-40B Kshs - and we collect about 120B d from taxes - we also borrow about 34-50 billion - so in short we have no problem at all.

ghana has to start attracting investment outside minerals and natural resources...and we can talk about you having a MODERN ECONOMY.

Look at even low hanging fruit like ICT - NOTHING IS HAPPENING IN ghana - LAGOS is doing great - so is Nairobi.

I wrote this August 2021 - exactly what has happened in Dec 5th 2022.

Both domestic and external debt have cons and prons.
You need to get the right mix;
And even within that domestic or external debt; you need to get the right mix.

External debt - exposes the country to exogenous risk (forex risks) - and if commercial (flexible interest rate risks).

Borrowing internally - kills the private sector - because they cannot compete with risk-free gov bonds - that is why Nigeria interest rate for borrowing is 30 percent - and poverty is endemic.

Most domestic borrowing comes from banks, insurance and pension funds - you take too much of that - you kill private sector, local investment and stunt the economy.

That is where Nigeria is. TINY private sector. Zero tax collection. Poverty.

ghana seems to be like kenya with right mix of 50:50; the problem with ghana; they have taken a huge chunk of dangerous Eurobond (commercial foreign loan) - if their interest rate rises from 10 percent now to Zambia 17 percent - and if their Cedis depreciate against the dollar - they WILL DEFAULT - leading to another lost decade to clean such kind of a gigantic mess.

Before they answer - Ghana woes are self-inflicted - domestic - reckless borrowing - reckless expenditure. I have written about it years before it came to this.

mhkent:
Ghanaians what do you think about what this our spokesperson said.

https://vm.tiktok.com/ZMFbAVxEs/

Nigeria have not invested in banking infrastructure. It's bank owners who invest - not Nigerians - majority who dont have even a bank account.
It's the Nigeran Bankers - people who OWN the commercial banks - who forced CBN to block Telcoms.
That is REGULATORY CAPTURE - ala Dangote capture of Nigeria industrial space.
CBN should look out for public interest...majority of nigeria who are unbanked...or have to travel long distance to withdraw or deposit money.
Mpesa or mobile money was proven a sucess in kenya from 2007.
Nigeri has missed the boat for 15yrs.

Once Mobile Money grow in Nigeria - their "useless" fintech will disappear - because none of the reach of mobile money - which is available even I think in Sambisa forest/

---> This cant work without Telcom stepping in with their almost ubiquitous coverage

In over 60 percent of rural communities across Nigeria, there are no bank branches, agents or ATM

vaxx:
I think Nigeria has invested so much in her banking infrastructure to allow a mobile telecommunications company to come compete with her. Though, not as much as the western country . For the west , they are even jealous of the technology , they wish they could own it but I guess they have already exceeded that chance , a little tweak on their banking system may collapsed their financial institution.


MTN Nigeria has been giving licence to start mobile wallet transaction , I really don't know what is stopping them . Maybe it is working but not popular.

Okay look like Nigeria finally did allow Telcoms to roll out Fintech after ending their regulatory capture by commercial banks. that has seen Nigeria miss the mobile money boat.

The Central Bank of Nigeria has approved the license for MTN’s Mobile Money (MoMo) payment service bank in the country, extending its services to wider banking operations.
The new banking license granted to MTN should allow the company to explore additional growth opportunities presented by the country’s unbanked and underserviced population.


And already making progress

MTN says 4.2 million MoMo wallets opened in two months
Fintech subscribers rose by 87.3% to 11.5 million since launch of PSB on 19 May 2022
ByOge Udegbunam August 2, 2022 Reading Time: 1 min read
0
Telecommunications company MTN Nigeria’s mobile money wallet, MoMo, recorded 4.2 million wallets in less than two months of its launch, the firm said in its financial result for the half year 2022.

Nigeria is a country. And this thread is about comparison. If you dont like country comparison - with a negative feel to it - please look for other good feel threads in nairaland. I am sure they are millions such thread.

Why are you hooked up with thread you dont enjoy. I enjoy comparing countries and learn something at end of the day

IGpro1:
Congrats, next is to feed the people of Turkana, and you can now have something to boast of.


Besides, you keep dragging Nigeria yet, we are busy living our lives,
Just find some other engagement that can yield cash.

Rvp has mentioned Nigeria today more than 20times, are you obsessed with us?
Well, we still have cultural Influence over your country, they love us

Then why industrialize if you cannot generate electricity for basic household needs?
The reality is you're going down.
This is a new problem - a sign of things deteroriating.
You're coming down - kenya is going up

jl115:
it's easy to have 24hour electricity when only 70odd % of your population is connected to the grid and you are totally none industrialised like Kenya

What madness are you on.
KPLC requires 50-70M dollars monthly to pay IPPs and loans they took in foreign currency.
They need to figure out how to survive the dollar crunch
And are proposing charging customers in EPZ, embassies and such dollars if they agree

As for Ghana - have you even paid Nigeria for Gas without walking sleeping Buhari?

You own power companies dont even pay for their debt - it's Ghana gov that pays

vaxx:
shut up you dense,those kenya regulate, manage and print dollar ? Why then are you trying to do what you aren't capable.

If kenya try it, then consider your independent monetary policies home like that of zimbabwe . kenya willl eventually loose the power to control interest rates. How them do you stimulate your economic growth . Kenya is about sinking ( walking the path of zimbabwe ) the worst it is even a national company seeking payment in hard currency . If the policy work , many organization will also request for similar treatment. Then more compounded problem for more poor turkana citizens . I pity kenya .

If i had may way - we would import those cheap grains - and focus on dairy, avacados, nuts - horticulture and floriculture - are Industries without Smoke Stokes - they are what helps kenya get over useless grain producers like Tanzania.

Four major industries without smokestacks that helps kenya get over many backwater economies still consider farming rice something to be proud of —agro- industry and horticulture, tourism, ICT-based business service.

These IWS (industries without smokestacks) have as good multiplier as manufacturing.

Just40:
another rant from a country struggling to produce just 50,000 metric tonnes of rice

You wish every country was going through economic turmoil like Ghana. You deal with your self-inflicted pain alone for 20yrs.

Just40:


Lunatic with another useless comment.. that's not what they want

You producer power you need to dig 10kms into the earth crust looking for gold. Maybe you need to give up on gold pursuit - and supply citizens with critical basic power package like kenya.
Only 20 companies mainly involved in minning consume what 80% of that power.
We dont need all that.
We have more than enough power than we need.
We have excess power we can sell to you.

Now you can't mine or put the lights on - without running a diesel generator - sounds like the start of Nigeria.

The economy is also characterised by a small number of industrial concerns consuming almost half of the electricity. Most of them are members of The Energy Intensive User Group (EIUG). Its 31 members account for 44% of all electricity consumed in South Africa but, collectively, they also have a collective annual turnover of R741 billion, more than 20% of South Africa’s GDP and employ nearly 600,000 South Africans. Almost half the EIUG’s members are in mining and a third are manufacturing concerns.

jl115:
once you produce just 5% the electricity we generate then we'll talk

Learn how to farm in small scale first - that farm look really unkempt

Just40:
Rice farms in the North East Region of Ghana, Janga

Slimy city

Just40:
Rush hour at Nkrumah circle

Usual madness. KPLC is proposing to charge only those who want to pay dollars; like embassies, UN, and others.

Just40:
dumbest thing ever said here


Is the Kenyan shilling no longer the legal tender of Kenya?
Where will 60 million Kenyans get dollars from to pay their bills when Kenya power itself can't find any?

You guys don't seem to know where the bottomless pit ends , you keep digging deeper.

Wasn't the entire Kenya shut down last week because of complete collapse of the grid?
Has there not been rolling blackout in the entire country for the last 50 years now?

Since 1999 - IPPs - Independent power producer came in - kenyans always pay forex charge on their electricity. IPPs signed agreement to provide us power for 30yrs - and those who import oil/thermal - have forex charge on them. KPLC have to buy dollars - and Kenya banks are making a kill from forex - so it make sense if they can charge source for own cheaper forex.

We are okay - because we dont have rolling power cuts like South africa, Nigeria, Tanzania, Zambia and Zimbwabwe - who are all struggling for non-investment in the sector and dependence entirely on hydro or coal - or of course being totally rudderless like Nigeria.

vaxx:
The move can actually crumble their currency more. AN illogical move I must say, they always run out of idea . Running two currency is a huge hassle and has considerable cost . Liberia is a typical example. Dollar can be used just as Liberia currency. Very mad system.

Shilling is about turning to Liberia dollar.

I wonder how someone can proceed to eat that.

Saddamochieng00:
Shut up already. Can you explain to me how someone in a supposedly "civilised" country is roasting goat meat by burning car tyres? And here I was thinking I'd seen it all with your brother's eating cow hide but no this is on a whole other level.


https://www.youtube.com/watch?v=sTio_0rwR1s

You're really scouring the internet looking for bad news; misery love company; you should try see if Nigeria the big Zoo will provide company.

2000 - that is 22yrs ago.

Kenya has new modern constitution enacted in 2010.

Just40:
Another good Ghanaian educating Kenyan MPs on the powers they have

The education never stops

I hope she is aware that you're brain damaged from all the boxing. If only you stayed in your village and used your education in hunting grabs - you would be most successfuly grab hunter in history of your village.

vaxx:
There is no wasted skills, if you can't used it , learn to transfer it.


My niece of about 8 years old is leaning free boxing training from me .

No bank has right to you money. If you have dollar account; you can withdraw anytime any day; the only restriction placed is on ATMS; if you walk to any bank; and say I want to empty dollar or cedis account; they should have no questions. THIS YOUR MONEY. You are not asking for loan. You put you money there as safety deposit box.

If you fail to honour that BASIC commitment; you are DESTROYING the SECOND PILLAR of your economy.

You already destroyed the 1st pillar - that GOV WILL NEVER DEFAULT.

Next is to destroy banking pillar - then people will do a bank rush - and try to keep their money below their mattress.

Once you destroyed those two - you become a primitive economy - and you can as well use cowries shells, gold, barter trade - because nobody will trust gov or banks with their money

vaxx:
I don't tolerate stupidity, I won't spare your foolishness. Ghana already started recovering , dollar is falling , even at this yulitede period that we should be seeing skyrocketing price , food prices have remain the same for a month now ,on a normal time , December period comes with her won inflation but it seems the cedi is fighting back , something must have been the reason , there is much dollar coming in than going out . Or perhaps , the economy is gradually having a positive effect. There Will be push up from three billions imf next year , there is debt swap now to cussion the effect on the macro economy condition.


No country in africa now can allowed you to removed 50, thousand dollars in her bank account if you operate one without a serious proper documentation .

Maybe you don't need to learn to cut grass or box; Maybe in your village; all you need to excel is to learn to milk cows; 90 percent of people eventually live and die in their villages; it doesn't make sense to teach them skills they will never use; if their trade is fishing; maybe if they were taught to fish better; they will become better in fishing.

vaxx:
So bad for kenya educational system . Thank devil , none of my DNA make up school there .

If no be boarding system , how I go learn how to cut common grass, take sabi use boxing defend my self . Sabi public speaking

First stop the anger and insults - it's going to be 20yrs minimum before Ghana recover.If you're in a mess dont assume everyone is in a mess.

Almost every year someone in a mess - this Ghana decade. Dont assume the rest of world are struggling majority of world are doing just fine.

In kenya I am not aware of someone operating dollar account being limited. If anything, there were murmurs of struggles when BUYING forex.

What is in your account belong to you. Youre not buying forex. This money in the account.

vaxx:
You are such an ass punk, how much is 2500 cedis, that the bank will not be able to pay, when people are doing transaction of more than a thousand dollar thru their mobile wallet . You just like to learn by fooling. Ghana bank is not facing withdrawal issues except on dollar account which is also applicable to any africa country . I dare you to tell anybody you know who has a dollar account to go withdraw 10 thousand from his account tmrw in Nairobi, if the bank will not request the fellow to fill hundered of documents. that is even if they will released it. Africa is currently in mess , but if we are to measure the biggest mess, I bet kenya owns makes a whole sewage .

Kenya Government to abolish boarding schools - PS Belio
Grades 1 to 9 pupils to learn in day primary schools.
In Summary
The government will from January do away with boarding primary schools for pupils learning in grades 1 to 9.
The net effect of the radical policy means that pupils transiting to Junior Secondary Schools will join day schools in their home areas.

Kipsang' said that Kenya has the highest percentage of its children globally in boarding schools, standing at 28 per cent.

He said this is against the global rate in most countries which stand at 15 per cent.

And unlike mad Ghanians here - I see majority of kenyans are in total support

-->Abolish all boarding facilities at all levels. Even secondary schools and universities. They should not have hostels provided by the institution. A school should focus on academics. Not boarding and lodging. That should be the familys responsibility. Parents must deal with their kids daily. You brought it into the world so enjoy your time with it.

-->THIS is fantastic news. Parents cannot continue outsourcing their parenting duties to teachers in boarding schools. Govt should also look for a legal way to force deadbeat and absentee fathers to help in co-parenting. There are just too many single mothers in this country.

-->This is well overdue, most parents have no idea who their children are because they send them away to these boarding schools at very early ages. Raised by teachers and their peers and in the end we lack basic family connections and values

-->Perfect. Kids 12 and below should be with their parents, not peers.

--> I think the founders of CBC had good intentions with our parenthood!! It's so family focused. Yes we need a surgical operation to fix our country it's morals and values! Good work belio

--> It's the high time we took responsibility for our children's growth and development as parents.

--> Right move.

--> Some wonderful news. I've been advocating for this for years. I cannot understand how any responsible parent would like to be detached from their own kid at the most crucial part of their growing up.

Holy cow

GeneralDae:
Nigeria is a funny country. While Nigeria struggles with electricity, a whooping 4.014 trillion naira (around 10 Billion dollars) is total debt being owed to Nigeria by Togo, Niger, and Benin Republic since 2018 for electricity supply.

https://www.vanguardngr.com/2022/12/power-supply-reps-probe-n4-014trn-debts-by-togo-benin-niger-republics/

Maybe there is a secret consensus for your banking sector to go under until 2037. You have now graduated to full Zoo from a mini zoo. Continue on the denial mode until your banks start collapsing, insurance do the same, and your cedis just got started on adding zeros.

Just40:
Keep crying... I taught you said it wasn't a consensus

You don't have money to invest in Ghana, so don't bother.
Ghana has the best returns on investment on the continent and that is why the likes of Franklin Templeton Investment has huge interest here.

Like I said, education is free

Look at these Ghanian mad cow.
What you did is default then force investors to extend their maturityy
When you're broke; you cant pay; but at least you said we will pay in the future.

As for bond swaps/switch bonds - almost everyone does that - you offer investors the chance to say yes or no.

The bond or debt holders can choose to extend the maturity of the loan and earn more interest or not.

When you wake up on Sunday - force all bonds to start maturity in 2027 - and give them ridiculous interest - you're asking investors to take huge losses - and you're going to lose market trust - locally and domestically - and for next decade - only IMF/WB - can lend you.


Below is an example of Switch Bond of 87B Kshs- where Kenya gov asked bond holders to extend their bond maturity.

60% percent accepted at almost 14% interest. The rest refused. Kenya gov will therefore pay those who refused.

Interest jumps 72 per cent in new bond switch initiative: Investors who opted to roll over their securities into a new infrastructure bond will benefit from rising rates in government debt. #CBK Read more on
@BD_Africa

Ghana defaulted because it resorted to basically can't pay now and will pay what we want when we want and poor investors have no option except maybe go to court

Just40:
Final education of Lunatic Kenyans on Bonds

Reselling bonds is not a default.
If you won't take it from a prof like me you can read it from the investment community on Investopiedia

Not every country is as backward as Kenya or bankrupt like Kenya to default. I know you want company in your classic default so that you can argue that, even a better country like Ghana defaulted but that's not the case.

Take solace that you're at the same level with Zambia, Sri Lanka and co.

My last on Ghana today.
Zambia new president has fixed Zambia ...who also defaulted two years ago.
You know what is coming.
IMF is coming with chemo and radio therapy.
Why wait for it.
Start now.
Cut budget by 50%.
Completely cut development budget.
Trim everything - allowances and salaries.
But try to keep social spending - free education - remove useless boarding thing -make parent pay for 50%
Suspend anything that can be suspended.
Unfortunately, it has come to this - it would have been better if you had responded earlier
Once you do that - market will start listening again.
IMF will relax.

But now IMF are now just preparing the treatment regime that will last 10yrs.

In 2015 - it lasted 3yrs because Ghana didnt default - now default is min 10yrs - possibly 20yrs or Zimbwabwe nobody knows when

Any bond holder who is alive today will never buy Ghana debt in their lifetime.

I have met bitter kenyans who got rutted in 1993 - and they still fear to date to save money in kenya banks
You wake up to find your lifetime investment and retirement plans are worthless.

People buy gov debts because gov can never default (or so people think) - when it default - it almost impossible to regain that trust.

Kenya judiciary
We had kenya Kitili mwendwa for 3yrs in 68-72 - joined politics, became minister and died (killed for attempting a failed coup)
Until 1997 all were non indigenous.
Cecil Miller was from Caribean - black
Appollo from Ghana

Dont rush to appoint idiots when they are not ready - otherwise IMF will bring their entire team. Minister of Finance or Central Bank governor requires highest IQ possible otherwise put a mad man like Ghanian and he sinks an Africa biggest gold producer - how did you manage such feat

Mad man goes - we will buy oil using gold and problem is solved - then you know this country is gone to dogs. Dude the problem is you went and borrowed whole lot of expensive debt without thinking of the rainy day - there is nothing wrong with dollars

Sir John Ainley
(1906–1992) 1964 1968 J. Kenyatta
2 Kitili Mwendwa
(1929–1985) 1968 1971 J. Kenyatta
3 Sir James Wicks
(1901–1989) 1971 1982 J. Kenyatta
4 Sir Alfred Simpson
(1914–2003) 1982 1985 Moi
5 Chunilal Madan
(1912–1989) 1985 1986 Moi
6 Cecil Miller
(1916–1989) 1986 1989 Moi
7 Allan Hancox
(1932–2013) 1989 1993 Moi
8 Fred Apaloo
(1921–2000) 1993 1994 Moi
9 Abdul Majid Cockar

Then black kenyans since then

Now we have Kenya women Chief justice, deputy women chief justice, chief register is a woman. They know the standard that has been set is VERY HIGH.

You guys are hilarious.
Kenya has one Africa most vibrant media;
In fact, all international media houses are almost Hqed in Kenya
Check almost all of them - few have Joburg - but majority report from Nairobi
Even smallest story get coverage.
Kenya is one quarrelsome noisy country - and this not new thing - this is very old thing.

If there is a problem in kenya economy, it will get reported.

Why is kenya unique in Africa - it's down to ability to self-correct - and avoid going into precipice.

Kenya has nothing almost - no arable land - no mighty rivers - no minerals - but it has some most educated people.

And most importantly some of most well-trained policy wonks.

Africa countries should learn from kenya - kenya got it foundation right - we refused to expel Asian and White proffesionals until we were ready.

In some areas like Judiciary - we had 1st kenya chief justice in 1995 - after the Ghanian. Before that we kept white men as our chief justice because we were no ready.

In many areas of economy - we still retain white kenya like Terry Ryan - MIT old guy - who taught at UON - he is father of kenya economics - and has trained almost all kenya economist - and still sit at kenya economic apex - until recently.

These things are complicated - and need professionals of highest IQ and integrity - we actually asked US - we dont want money - we want technical support - take our best kids - train them in Harvards.

We thanked them by rewarding them with Obama.

Respect professionals. Someone who is Prof of say John Hopkins like Steve Hankes. Please respect him.

If Terry Ryan say we are f.cuked everyone listens.

How does one explain that Ghana a big gold, oil, aluminium, name it producer is now bankrupt?

or Nigeria has been bankrupt forever.

Listen to proffesionals. Respect them. WTO picked a Nigerian whom nobody in Nigeria respect. WTO is big deal. The only sector that function in nigeria is banking thanks to her. She used her brain to save Nigeria 33B dollars - more than any oil

Countries that have excelled listened to their proffesional. China is good example. Chinese leaders have very very high IQ. China is probably the only MERIOTRACY in the world - someone like Xi Jinping IQ is only comparable to maybe former Germany Angela merkel - one brilliant woman- or maybe Obama. The average chinese leader has IQ of maybe 150.

Chile became only LATAM to excel by listening to proffesinal...Chicago boys.

Now when someone like Steve Hankes say you're going down - you attack him - a whole proffesor of economics in IVY league -and you're there attacking him

You think Steve cares about Ghana - next week he will be in Laos.

By then Ghana is down - because this not the first or last country to go down - they know the signs - they know the symptoms - they are economic doctors.

vankelvin:
[b]
I'm very much aware of Kenyans economic situation and their comments here doesn't move me at all but then Im also not pretentious like they are.
I prefer to say things the way they are.
I started lambasting our President as far back as 2018 even though I voted for him in the 2016 elections. From his speeches and actions I got the feeling that he is empty (an old braggat) and I've since not liked his way of governaning