BoG schools Bawumia over exchange rate figures

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• Tweeeeeeeeeeeeeea 9 years ago

  Even a child knows that Bawumia is years ahead of you Wampah when it comes to economics. You can only brag before mahama who is visionless

  Even a child knows that Bawumia is years ahead of you Wampah when it comes to economics. You can only brag before mahama who is visionless

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• Ken 9 years ago

  The governor is not making sense. Speculation in the financial market is part and parcel of finance so you can't discount it. His defense clearly exonerates Dr. Bawumia. So the Governor is saying because of Speculative activi ...
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  The governor is not making sense. Speculation in the financial market is part and parcel of finance so you can't discount it. His defense clearly exonerates Dr. Bawumia. So the Governor is saying because of Speculative activities in the forex exchange market they traded only on closed markets instead of an open market? This runs contrary to the perfect market Ghana has. Who are these customers they were trading with? the BOG was clearly massaging the forex rates

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• Zoobie-Zoobie 9 years ago

  the incompetent BoG is proud

  the incompetent BoG is proud

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• Whatever 9 years ago

  If you know banking, you'd know what BoG is saying represent the truth on the ground and not Bawumia's stupidity. The Bank of Ghana is saying that the banks uses the opening line of 'speculation of dollar shortages' to hike u ...
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  If you know banking, you'd know what BoG is saying represent the truth on the ground and not Bawumia's stupidity. The Bank of Ghana is saying that the banks uses the opening line of 'speculation of dollar shortages' to hike up the price which consumers because they're desperate, usually accepts. That is what goes on in the banks. Ask any banker

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• Ghanaba 9 years ago

  What is the meaning of 'market forces' determining the exchange rate? Isn't the market rate the more realistic rate than the artificial rate set by the central bank?

  What is the meaning of 'market forces' determining the exchange rate? Isn't the market rate the more realistic rate than the artificial rate set by the central bank?

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• Whatever 9 years ago

  'Market forces' is a concept that only applies in a system where free market exist. In a system where there are strict rules and umbrella law, the force of the market is transferred to the law. Why do you think there's a fore ...
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  'Market forces' is a concept that only applies in a system where free market exist. In a system where there are strict rules and umbrella law, the force of the market is transferred to the law. Why do you think there's a foreign exchange control act and the banking act...all sticking the administration and ownership of foreign and domestic currencies in the hands of the Bank of Ghana? How many times do I have to keep repeating that the bank of Ghana owns all foreign currencies in Ghana and that it is price that the law recognizes? There's Nothing like a market forces operating outside the law. The C.Bank extortionist prices are licencee prices and would not make economic sense if the licencor(BoG) who is a supplier and not distributors like the banks, uses it.

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• GHANAVIA 9 years ago

  Whatever, he who knows not and knows not that he knows not is a ...
  Stop parading your ignorance. Pretense cannot absolve your lack of knowledge.

  Whatever, he who knows not and knows not that he knows not is a ...
  Stop parading your ignorance. Pretense cannot absolve your lack of knowledge.

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• Kofi B 9 years ago

  Bawumia made these allegations nearly a month ago. So after consulting all his to "economists" at the Bank of Ghana, NDC Headquarters and Flagstaff House (Mahama Land), this is what the so-called Bank of Ghana "Governor" can ...
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  Bawumia made these allegations nearly a month ago. So after consulting all his to "economists" at the Bank of Ghana, NDC Headquarters and Flagstaff House (Mahama Land), this is what the so-called Bank of Ghana "Governor" can come up with in defence of the rate fudging allegations??? Og! God save Ghana. No wonder the economy is where it is if these are the top ":economists" determining the fate and direction of the economy.
  
  Wampah: your feeble and senseless "explanations" rather strengthens Bawumia's argument. Either you are cooking the figure or you have no f....king clue as to what and how to run a country's monetary policy.

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• Bomfaboy 9 years ago

  Dr Wampa said “We believe the rates in the market are also affected significantly by speculative activities, which is thriving on the shortage of forex in the market. So those who have the forex try to play market by asking ...
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  Dr Wampa said “We believe the rates in the market are also affected significantly by speculative activities, which is thriving on the shortage of forex in the market. So those who have the forex try to play market by asking for the highest rates and the ones who do buy because of desperation also tell their banks to buy at any rate, so you see that gap.”
  However, Dr Wampah said on the sidelines of the Monetary Policy Committee (MPC) meeting Wednesday: “A simple look at the interbank market exchange rates indicates that the Cedi has not only been depreciating daily, but is currently trading between Ghc3.7 and Ghc4.1 per dollar with an average of some Ghc3.8 per US dollar.”
  Does these statements make any sense? is this the schooling? How can it be speculative when people are actually buying the US Dollar for between 3.7 and 4.1?

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• SALINSA 9 years ago

  when the governor was head of research & the BOG, Bawumia never dreamt of himself ever becoming the deputy governor on the alter of political appointment.

  when the governor was head of research & the BOG, Bawumia never dreamt of himself ever becoming the deputy governor on the alter of political appointment.

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• KP 9 years ago

  where in this article is the BOG schooling Dr. Bawumia?

  where in this article is the BOG schooling Dr. Bawumia?

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• Bomber 9 years ago

  How was prepared to read informed economics but read propaganda

  How was prepared to read informed economics but read propaganda

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• Kofi - USA 9 years ago

  I WAS THINKING ABOUT THE SAME THING. WHERE IS THE SCHOOLING OF BAWUMIA. THIS IS ALSO OLD NEWS. HOW LONG AGO DID BAWUMIA TOOK THEM TO TASK AND IT IS NOW THAT THEY ARE RESPONDING TO HIM. TOO LATE

  I WAS THINKING ABOUT THE SAME THING. WHERE IS THE SCHOOLING OF BAWUMIA. THIS IS ALSO OLD NEWS. HOW LONG AGO DID BAWUMIA TOOK THEM TO TASK AND IT IS NOW THAT THEY ARE RESPONDING TO HIM. TOO LATE

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• Nii Laryea 9 years ago

  Only your English, Kofi USA! Ha, ha ,aaaaaa,eeeeeemmm Kofi's 'brofo gbonyo' ''How DID Bawumia TOOK them to task' This is real bulletIs that the type of English you speak in US?. Learn your tense. I think Kofi is qualified for ...
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  Only your English, Kofi USA! Ha, ha ,aaaaaa,eeeeeemmm Kofi's 'brofo gbonyo' ''How DID Bawumia TOOK them to task' This is real bulletIs that the type of English you speak in US?. Learn your tense. I think Kofi is qualified for entry into Nana's fake Academy for free education.

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• Oko 9 years ago

  In the entire news article there is no where that Wampah provides cogent analysis to refute Bawumiah's position.
  Stupid Governor!!!!

  In the entire news article there is no where that Wampah provides cogent analysis to refute Bawumiah's position.
  Stupid Governor!!!!

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• Yaw 9 years ago

  You beat me to it. The writer is an illiterate.

  You beat me to it. The writer is an illiterate.

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• Akos 9 years ago

  Oko, if the journalist who posted this article did not use such a catchy headline, you would not have read it. It is however very ridiculous for no where in the article is Dr. Bawumia schooled.

  Oko, if the journalist who posted this article did not use such a catchy headline, you would not have read it. It is however very ridiculous for no where in the article is Dr. Bawumia schooled.

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• HAWA 9 years ago

  This is so sad if you have to wait for 3months to respond.
  It is dead boy!
  qtn: why did the figures start changing from 3.0333 to 3.123333 just a day after Bawumia made the assertion?

  This is so sad if you have to wait for 3months to respond.
  It is dead boy!
  qtn: why did the figures start changing from 3.0333 to 3.123333 just a day after Bawumia made the assertion?

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• Yaw 9 years ago

  Can somebody point out in this article where the BoG provided facts to address the obvious low-balling of the cedis exchange rates.
  
  Where does the BoG get their cedis rates against the foreign currencies from? Saying the ...
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  Can somebody point out in this article where the BoG provided facts to address the obvious low-balling of the cedis exchange rates.
  
  Where does the BoG get their cedis rates against the foreign currencies from? Saying the market rates include speculation component is just a cop out. There is no obvious standard or rubric for measuring the speculation component. Clearly the Bog governor is in over his head.

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• kandia 9 years ago

  Where hav u seen bank rate is as the same as forx rate? is on bawmia who can make such arguments in this world. i want to know that if u want hav GOG rate and Bank rate the same then there i no need for banks to trade. there ...
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  Where hav u seen bank rate is as the same as forx rate? is on bawmia who can make such arguments in this world. i want to know that if u want hav GOG rate and Bank rate the same then there i no need for banks to trade. there huge margin of profit for bank frx to trade in exchange rates everywhere in the world.

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• SM 9 years ago

  This is so confusing..because if you goes to western union the rate is $1 dollar to Ghc 31 but if you come online on international market it Ghc 36 so what is going on and where do they get their figures from?

  This is so confusing..because if you goes to western union the rate is $1 dollar to Ghc 31 but if you come online on international market it Ghc 36 so what is going on and where do they get their figures from?

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• Kwabena 9 years ago

  The answer is simple. When the government try to "lie" to Ghanaians about the true exchange rate, it conspires with Western Union to steal your dollars. Western Union uses the "fake" exchange rate given by your government i ...
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  The answer is simple. When the government try to "lie" to Ghanaians about the true exchange rate, it conspires with Western Union to steal your dollars. Western Union uses the "fake" exchange rate given by your government instead of the true exchange rate as indicated at the forex. So for every $1.00 you transfer, you government helps Western Union to steal GHS 0.50 (3.6 - 3.1) from you. This is the essense of better Ghana agenda.

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• kkkk 9 years ago

  oh massa wampah, come again ooo, this be voodoo analysis or u be 419, u c, it is better not to talk ooo mr wampah. thank God the dollar is not running as fast as b4, but with what u have said, we should get ready for Usain bo ...
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  oh massa wampah, come again ooo, this be voodoo analysis or u be 419, u c, it is better not to talk ooo mr wampah. thank God the dollar is not running as fast as b4, but with what u have said, we should get ready for Usain bolt race again.

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• Ken 9 years ago

  he governor is not making sense. Speculation in the financial market is part and parcel of finance so you can't discount it. His defense clearly exonerates Dr. Bawumia. So the Governor is saying because of Speculative activit ...
  read full comment

  he governor is not making sense. Speculation in the financial market is part and parcel of finance so you can't discount it. His defense clearly exonerates Dr. Bawumia. So the Governor is saying because of Speculative activities in the forex exchange market they traded only on closed markets instead of an open market? This runs contrary to the perfect market Ghana has. Who are these customers they were trading with? the BOG was clearly massaging the forex rates

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• Abdulrahaman gonja 9 years ago

  Western union follow the stupidity of BOG to cheat Ghanaians, the governor is even confessing here

  Western union follow the stupidity of BOG to cheat Ghanaians, the governor is even confessing here

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• Vincent Bowe 9 years ago

  Star fm or what ,you call this trash of explanation $chooling?. Why then did they change their rate after Bawumia's release.So per the ''schooling'',the rate was being kept at 3.03 for three months pending the release of the ...
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  Star fm or what ,you call this trash of explanation $chooling?. Why then did they change their rate after Bawumia's release.So per the ''schooling'',the rate was being kept at 3.03 for three months pending the release of the euro bond. Is that to be one of your home grown economic policies?hmmmmm! Ghanaians deserve this nonsence.

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• OLDMAN GYASI 9 years ago

  THE VALUE IS THE SAME AS THE BANK SAID NOTHING CONTRARY TO BAWUMIA BUT RATHER REPEATED HIS WORDS.

  THE VALUE IS THE SAME AS THE BANK SAID NOTHING CONTRARY TO BAWUMIA BUT RATHER REPEATED HIS WORDS.

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• John Kool 9 years ago

  Dr. Wampah, your explanation does not add up. This is voodoo economics.

  Dr. Wampah, your explanation does not add up. This is voodoo economics.

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• Joe Turkey 9 years ago

  So, do we now have the real exchange rates and speculative exchange rates. How come he waited until they've got some borrowed money to delay the fall of the cedi before coming out? Yes, exchange rates are determined by produc ...
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  So, do we now have the real exchange rates and speculative exchange rates. How come he waited until they've got some borrowed money to delay the fall of the cedi before coming out? Yes, exchange rates are determined by productive activity and speculation. If speculation plays a heavier role, it underscores public lack of confidence in the future production of the country. Useless Wampah. He took exactly the opposite stand on what should have made the currency stronger and withdrew it the following month. Did he not know any better? It's just like the SS boss telling Ghanaians inflation does not necessarily reflect prices? It reflects her ageing pussy. Sorry, I am getting mad.

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• KAKABO 9 years ago

  If this is the answer from Wampah then Ghana is finished. Do you think if there were enough dollars in the market those who need them for their business would ask their banks to buy them at any rate? Have you ever met a situa ...
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  If this is the answer from Wampah then Ghana is finished. Do you think if there were enough dollars in the market those who need them for their business would ask their banks to buy them at any rate? Have you ever met a situation of over supply creating a rise in price? What a crap from this so called Dr My foot Wampah. By this explanation I am urging him to send his PHD certificate back to the school which awarded him because he has done no justice to the certificate. Tweaaa.

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• ADEPA NANA 9 years ago

  SO WHERE IS THE EDUCATION? DR WAMPAH SHOULD NOT TALK ABOUT SPECULATION BECAUSE IF MARKETS ARE EFFICIENT, THEY RESPOND QUICKLY TO BOTH PUBLIC AND PRIVATE INFORMATION HENCE THE VALUE OF THE DOLLAR. IN ANY CASE WHAT DR BAWUMIA I ...
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  SO WHERE IS THE EDUCATION? DR WAMPAH SHOULD NOT TALK ABOUT SPECULATION BECAUSE IF MARKETS ARE EFFICIENT, THEY RESPOND QUICKLY TO BOTH PUBLIC AND PRIVATE INFORMATION HENCE THE VALUE OF THE DOLLAR. IN ANY CASE WHAT DR BAWUMIA IS SAYING IS IN THE PUBLIC DOMAIN FOR EVERYBODY TO SEE. LET DR WOMPAH TELL GHANAIANS WHERE WE CAN GET THE DOLLAR AT 3.02 GHANA CEDIS. THE GOVERNMENT AND DR WAMPAH HOPE THAT THE IMF BAILOUT WILL HELP THE ECONOMY THAT THEY HAVE BROUGHT TO ITS KNEES, THEY WILL CLAP FOR SATAN WHEN THE TIME COMES.

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• Ecominy Monger 9 years ago

  What is news about the governor's statement? Bawumia waa arguing that the GHC3.02 quoted by BoG was unrealistic, since what obtained on the shop floor was between 3.7 and 4.1! Let Wampah come out and defend that! Else, he mus ...
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  What is news about the governor's statement? Bawumia waa arguing that the GHC3.02 quoted by BoG was unrealistic, since what obtained on the shop floor was between 3.7 and 4.1! Let Wampah come out and defend that! Else, he must shut up and tow his paymasters' line!

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• Kwabena 9 years ago

  From the Governor's comments, he is just repeating what Bawumia said months ago. Obviously the BoG is way behind the curve. They should learn from Bawumia (a former Professor) rather make all these unsuccessful attempts to ...
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  From the Governor's comments, he is just repeating what Bawumia said months ago. Obviously the BoG is way behind the curve. They should learn from Bawumia (a former Professor) rather make all these unsuccessful attempts to discredit him.

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• Whatever 9 years ago

  I said the same thing BOG said sometime back. But as usual, Bawumia preferred to stick to his ignorance, now BOG has come to even emphasized what said which is what goes on in inter-bank dealings

  I said the same thing BOG said sometime back. But as usual, Bawumia preferred to stick to his ignorance, now BOG has come to even emphasized what said which is what goes on in inter-bank dealings

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• Wanzam Ziblim 9 years ago

  when he was at BOG. He is incompetent with no specified qualification - teacher, accountant, and by force economist. I really don't value him.

  when he was at BOG. He is incompetent with no specified qualification - teacher, accountant, and by force economist. I really don't value him.

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• CATAPULT 9 years ago

  Where is the schooling from BoG that Dr. Wampah is said to have conducted? Is it the rather innocuous allusions to speculative activities that Dr. Wampah referred to after admitting that and I quote "A simple look at the inte ...
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  Where is the schooling from BoG that Dr. Wampah is said to have conducted? Is it the rather innocuous allusions to speculative activities that Dr. Wampah referred to after admitting that and I quote "A simple look at the interbank market exchange rates indicates that the Cedi has not only been depreciating daily, but is currently trading between Ghc3.7 and Ghc4.1 per dollar with an average of some Ghc3.8 per US dollar.” end of quote.
  He raises 2 issues, 1. speculation and 2. markedly high daily depreciation of the cedi.
  The question is can the issue of speculative activity be substantiated in the light of the macro-economic environment? An answer to that by Dr. Wampah to actually address the "daily appreciation of the dollar"(apologies to Nii Moi Thompson) based on empirical evidence of speculative activities to the contrary notion/assertion of the macro-economic environment being the cause of the tanking cedi, would have served as the basis of any purported schooling, and in the absence of any such analysis, Dr. Wampah is at best orbiting in the realm of cluelessness.

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• Jagblee tsu 9 years ago

  This can never be true as demand and supply affects pricing and even exchange rates. This doctor make the economics and finance a stupid and a useless programs of study

  This can never be true as demand and supply affects pricing and even exchange rates. This doctor make the economics and finance a stupid and a useless programs of study

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• Di Wo Fei Asem 9 years ago

  Oooooh I see, then let us remove the effect of speculative activities when pricing petroleum prices.Obviously, the price petrol and petroleum products will far cheaper is speculation is discounted in the pricing of these p ...
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  Oooooh I see, then let us remove the effect of speculative activities when pricing petroleum prices.Obviously, the price petrol and petroleum products will far cheaper is speculation is discounted in the pricing of these products. Again, when exporting our cocoa we discount speculation in our pricing since we think speculation should be discounted in pricing. This is so absurd. Those who are supporting Wampah explanation should go to our local market and find out whether speculative activities don't influence the prices of foodstuffs like cassava, maize and tomatoes .Why should Wampah pick and chose when it come to pricing in Ghana.Just as Wampah had to change his bankrupt foreign exchange polices, he will also change this bogus exchange rate policy.

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• Kojo Dziwornu, Toronto Canada 9 years ago

  Whoa After four weeks since the allegations was made , this is the response we get to the issue. God Help Ghana. The Governor did not explain how the BOG arrives their rates vis a vis what Bawumia said.
  Given the explanatio ...
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  Whoa After four weeks since the allegations was made , this is the response we get to the issue. God Help Ghana. The Governor did not explain how the BOG arrives their rates vis a vis what Bawumia said.
  Given the explanation by the Governor, will Ghanaians get to buy their foreign exchange at the BOG at their rates, will the dollars be there? I do not think so.
  If you operate in a market economy the market determines the prices not what you fix. period. Come Again Mr. Governor.

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• Victor 9 years ago

  The Governor rather confirmed the raging disparities in the exchange rate figures and how clueless and bereft they are, of a solution.

  The Governor rather confirmed the raging disparities in the exchange rate figures and how clueless and bereft they are, of a solution.

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• Mankind 9 years ago

  Have you transferred money from anywhere to Ghana lately? Obviously No!! No!!otherwise you will understand what Bawumia was saying!!

  Have you transferred money from anywhere to Ghana lately? Obviously No!! No!!otherwise you will understand what Bawumia was saying!!

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• BAFFOUR -- YAW 9 years ago

  Walk to Ghana banks and the signs is clear how foreign rate cost consumers,after month now the BoG tells Ghanaians is consumers fault.

  Walk to Ghana banks and the signs is clear how foreign rate cost consumers,after month now the BoG tells Ghanaians is consumers fault.

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• ASUMADU, HO. 9 years ago

  WHAT A MISLEADING HEADLINE. THE BOG BOSS COULD NOT BUT AGREE WITH DR BAWUMIA. DOES IT NOT MEAN THAT BAWUMIA RATHER SCHOOLED THE BOG BOSS? WHAT A MISLEADING TITLE AND MISREPRESENTATION OF FACTS.

  WHAT A MISLEADING HEADLINE. THE BOG BOSS COULD NOT BUT AGREE WITH DR BAWUMIA. DOES IT NOT MEAN THAT BAWUMIA RATHER SCHOOLED THE BOG BOSS? WHAT A MISLEADING TITLE AND MISREPRESENTATION OF FACTS.

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• KA 9 years ago

  It all boils down to SUPPLY and DEMAND for foreign currency.
  
  Go round and check the exchange rates at various FOREX locations. They all have different and varying rates to buy and sell those currencies.

  It all boils down to SUPPLY and DEMAND for foreign currency.
  
  Go round and check the exchange rates at various FOREX locations. They all have different and varying rates to buy and sell those currencies.

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• REALISTIC 9 years ago

  The governor is right. He see's his role as one who ensures the physical custody of currency(simply watchman)whilst the rates are determined by market and speculative . Indeed in his mind he sees that as w ...
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  The governor is right. He see's his role as one who ensures the physical custody of currency(simply watchman)whilst the rates are determined by market and speculative . Indeed in his mind he sees that as why he is well paid with all the benefits. Well most of the time you cannot manage what you do not understand!! The financial/economic management of this country is definately in the wrong hands.Obviously there is no consequence for underperformance or the leadership itself has a poor understanding of economics! we are in deep shit!!

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• BERNARD ACCRA 9 years ago

  DR. WAMPAH SHDNT FOOL HIMSELF NEXT TIME COMING UP WITH THIS CHILDISH EXPLANATION ON THE FAST DEPRECIATING CEDI AND ATTRIBUTE IT 2 SPECULATION BY THE BIXNESS COS IT DEFIES ANY ECONOMIC LOGIC COS SAME BIXNESS PEOPLE EXISTED 200 ...
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  DR. WAMPAH SHDNT FOOL HIMSELF NEXT TIME COMING UP WITH THIS CHILDISH EXPLANATION ON THE FAST DEPRECIATING CEDI AND ATTRIBUTE IT 2 SPECULATION BY THE BIXNESS COS IT DEFIES ANY ECONOMIC LOGIC COS SAME BIXNESS PEOPLE EXISTED 2001-2008 YET D CEDI SAW GREAT STABILITY. DR. WAMPAH SHDNT B NAIVE COS HE TRY FIGHTING D FALL OF THE CEDI SIEZING PEOPLES DOLLARS AT THE BANKS YET THAT POLICY FAILED WOEFULLY 2 ADDRESS D FALL.D STATISTICAL SERVICE IS CURRENTLY ONE OF D INSTITUTIONS 2 B REFORMED UNDER D GUIDANCE OF D IMF COS OF ITS POROUS WORK UNDER THE NDC. GOD PUNISH FOLKS NDC MADMEN/WOMEN TRYING 2 CONFUSE PURE ECONOMICS WITH PROPAGANDA.

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• Ugly Akufo Addo 9 years ago

  He is very useless

  He is very useless

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