Business in Ghana

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Posts Tagged ‘Kofi Wampah’

In A Political Rut. Critical News, 28th June 2015

Posted by Business in Ghana on June 29, 2015

Sydney Casely-Hayford, sydney@bizghana.com

My world drifted afar from the many workers in line to receive a cash-out this month. Many persons believe that the cash trickle down economy is workable for as long as the ones who cash out from their bank accounts always have enough to pay out to those who don’t have as much. Even the IMF and World Bank plan this benevolence when they support pro-poor interventions and LEAP projects such as we have in Ghana.

But our economy is in a sorry state, and none more so than when we mis-locate persons from illegal squats to futuristic land sites designated for tourism and science.

The Korle Lagoon, which borrowed money from a Kuwait fund to build bridges over the foul-smelling water; bridges that would open up from each side and allow canoes and other small river craft to pass through with their oars pointed north and Asafo flags flying mast high, was a big secret until Nii Lante Vanderpuye came to tell us he was very sad for the lost opportunity, but could not remember a single thing about what happened to the fund’s money. He knew we took the money, but nowhere in his archival mind could he remember what happened with some sovereign country’s benevolence and who was responsible for the “lost money of the Korle”. And that makes a nice title for a children’s textbook for Ama Atta Aidoo.

So with a flourish and his team of bulldozing bullies, Mayor Oko Vanderpuye went ahead to ruin dozens of family lives, apologized in the after wake for going too far from agreed limits of destruction.

And then CHRAJ stepped in. Thirteen years after a court had decided that the families were illegally squatting, CHRAJ now wakes up to figure that the rights of children, women and the Kaya Yoo had been violated by a man whose beard is now the butt of Christian jokes. They call him Nebuchadnezzar. Read the rest of this entry »

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Kpa Kpa Kpa Economics. Critical News, 16th November 2014

Posted by Business in Ghana on November 17, 2014

Sydney Casely-Hayford, sydney@bizghana.com

Have you ever had to drive through dark night? Night so dark you think someone has deliberately swapped the streetlights for dark fluorescent tubes and it is a mean darkness, engulfing you in some kind of horror movie?

That was Thursday night, driving from McCarthy Hill to a meeting at the Golden Tulip. The street lights, traffic lights, side lights and all other manner of lighting that could possibly help to navigate the way to the hotel and back, simply closed their beams and clothed the car in a dark eerie morass, only the occasional stroller caught the head beams of the car.

At some point I was sure I was lost and considered asking directions to a route I have followed hundreds of times in this short life. And that is what it felt like, that I was driving towards life’s end. Until I got past Kaneshie where there was some street lighting and pedestrians.

This is what ECG and its twin purveyors of “dark vada” have prepped for us. It is not good enough that we do not know when and if power will be available to work, now we are blessed with special night-light.

Not even the interest rates corridor could explain what we are going through, because I listened to the Governor of the Central Bank Dr. Kofi Wampah explaining once again why he had to increase the Central Bank policy rate two percentage points to 21% in order to hold down inflation in an economy where there is very little money circulating, costs are rising every month, Government is borrowing all the money and banks are complaining and yet reporting above-average profits. Read the rest of this entry »

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“I Command The Falling Cedi To Rise In Jesus’ Name” Is This A Bad Joke, Duncan-Williams?

Posted by Business in Ghana on February 2, 2014

Ben Ofosu-Appiah, Tokyo, JAPAN.

Only last week I wrote an article here on how we black folks sometimes allow our critical faculties, our ability to rationalize and think critically and have a pragmatic and scientific evaluation of facts and the evidence to be drown out by blind and unquestionable acceptance of things that defy reason and logic and are packaged and sold to us in the name of religion.

Everybody knows that the Ghana cedi has been in a free fall and the government has proven incapable so far in dealing with the situation. Investor confidence in the economy is low and business confidence in the country is reported to be at an all time low according to a recent report in the Daily Graphic.

The cedi has already depreciated by three per cent against the major international currencies this month. The US dollar, which sold at Ghc2.20 on the local foreign exchange market before Christmas last year, now sells at Ghc2.60. The British pound, which sold at Ghc3 now sells at Ghc4.20. The euro and CFA are also selling at Ghc3.50 and Ghc4.80 respectively. In 2013, the local currency suffered 17-per cent depreciation. The year-on-year depreciation shows a 21.96 per cent depreciation of the cedi against the dollar; 28.88 per cent against the pound sterling; 23.98 per cent against the euro and 25.54 per cent against the Swiss franc.

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More Bonds Needed

Posted by Business in Ghana on November 14, 2010

Ghana’s economy is 75 percent bigger than previously calculated, the country’s Statistical Service said, slashing the relative size of the fiscal deficit and the current-account shortfall.

The West African nation’s gross domestic product this year is 44.8 billion cedis ($31.2 billion), compared with the previous estimate of 25.6 billion cedis, Grace Bediako, head of the Accra-based agency, told reporters today.

“The revisions will be a huge positive for the relative risk matrix” of Ghana, Stephen Bailey-Smith, an analyst at Standard Bank Plc in London, said in a note to clients. The changes “should foster a rating upgrade.” Read the rest of this entry »

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