PWDs unhappy with MMDAs over account signatories

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• YAW AFFUL- US 9 years ago

  visited Ghana just recently having stayed in the US for more than twelve years and I noticed that foreign banks operating in Ghana are the cause of Cedi depreciation. This is a naked truth. Yes, we said we needed foreign inve ...
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  visited Ghana just recently having stayed in the US for more than twelve years and I noticed that foreign banks operating in Ghana are the cause of Cedi depreciation. This is a naked truth. Yes, we said we needed foreign investors, they came and now operating maximising exorbitant profits which are even bigger than our GDP. Their respective profits maximised in CEDIS must be taken to their home-countries. How do they take CEDIS into their home-countries? They convert these trillion CEDIS gained here into DOLLARS and other foreign-trade currencies. Therefore putting demand pressure on dollars, that is demand for dollars increases as these foreign banks need them. For example, a Nigerian Bank called UBA, its annual profit is about Gh45 Million, this amount must be taken by the owners Nigerians from Ghana to Nigeria. How can they take this cedi amount to Nigeria? They have to convert it into dollars. So having many cedis on Nigerians to demand for dollars. What happens to the value of the dollar? Surely it would go up as against the cedi. Pressure is being mounted on the dollar from the cedi. And note we have more than five Nigerian banks operating in the country. Some print fake cedis to fill their profit ranges. So you can imagine how much of millions of Ghana cedis as profits they have to convert into dollars yearly or monthly to take to Nigeria .
  
  We have also a South African bank called Stanbic operating in the country earning more than GhC30 million annually in which such an amount must be converted into dollars to take to South Africa by the owners. I don't usually talk about South African businesses operating in other foreign countries as the whole country according to World Records is the most xenophobic country in the world, and yet the country tries to get rooms for operating her businesses in other countries. The least said about that country the better. However, let's take this Stanbic bank converting Cedis into dollars in order for the money to reach the bank owner's country,South Africa, annually, what pressure mounts on the dollar from cedisl. These foreign banks are making big profits in cedis converting into dollars monthly to weak our cedi as they rise in high demand for dollars. This is the cause of the cedi depreciation.

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• The Mask 9 years ago

  The economy is hitting many families hard.
  
  Boachsoft Finance 2012 software, developed in East Akyem Municipality (Akyem-Maase and Bunso) in the Eastern Region of Ghana and in Accra/Tema, is helping many families across the ...
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  The economy is hitting many families hard.
  
  Boachsoft Finance 2012 software, developed in East Akyem Municipality (Akyem-Maase and Bunso) in the Eastern Region of Ghana and in Accra/Tema, is helping many families across the globe to balance the family budget, amortize loans and save for the future.
  
  The next version is set to be released in December 2015. Use only the 2012 version.
  
  For more information on managing family finances read the following article:
  
  blog(dot)boachsoft(dot)com

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