Surprise Ghana rate increase fails to stem Cedi slide

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The mask 8 years ago

Many families are saying that blog.boachsoft.com is the most helpful family finance resource they have ever come across.

Many families are saying that blog.boachsoft.com is the most helpful family finance resource they have ever come across.
HARD LISTENERS 8 years ago

BOG can't even get simple maths right when it says 88 billion cedis as public debt of 112 billion GDP gives 65% when its over 70% in reality. massaging figures as usual. wampah is simply clueless.

BOG can't even get simple maths right when it says 88 billion cedis as public debt of 112 billion GDP gives 65% when its over 70% in reality. massaging figures as usual. wampah is simply clueless.
Whatever 8 years ago

I think you are the clueless one.....the 112 billion is 2014 GDP....go check for 2015 GDP and divide by 88 billion and see what u get.....

I think you are the clueless one.....the 112 billion is 2014 GDP....go check for 2015 GDP and divide by 88 billion and see what u get.....
ISSA ABONGO 8 years ago

THIS IS THE BETTER GHANA JOHN MAHAMA AND KOFI WAMPAH HAVE GIVING TO GHANA. IT IS NOW BITTER GHANA.

THIS IS THE BETTER GHANA JOHN MAHAMA AND KOFI WAMPAH HAVE GIVING TO GHANA. IT IS NOW BITTER GHANA.
Say the TRUTH 8 years ago

THIS IS WHAT THIS STUPID, ARROGANT, NO THING FIFI KWETEY WAS SAYING LAST WEEK BELOW. NOW HE SHOULD GO AND ASK THE GOVERNER OF BANK OF GHANA WHY HE DID INCREASE THE INTEREST RATE AGAIN!!!!

WHEN WE HAVE SUCH STUPID IGNORANT ...
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THIS IS WHAT THIS STUPID, ARROGANT, NO THING FIFI KWETEY WAS SAYING LAST WEEK BELOW. NOW HE SHOULD GO AND ASK THE GOVERNER OF BANK OF GHANA WHY HE DID INCREASE THE INTEREST RATE AGAIN!!!!

WHEN WE HAVE SUCH STUPID IGNORANT AND ARROGANT NO NOTHING IN CHARGE THE NATION GOES BANKRUPT WITH THEIR BACKRUPT IDEAS AND NO THING KNOWLEDGE!!!

Minister of Food and Agriculture, Fifi Kwetey, has admonished Ghanaians and the business community to cease blaming government for the nation’s high interest rates.

He said it is pretentious to say that the end result of government’s high borrowing is high interest rate.

“It’s a very wrong way of looking at it. That is not to say that high government borrowing does not bring difficulties but to pretend that the problem as far as interest rate in Ghana is concerned has to do with high government borrowing – It’s not the truth!”

Fifi Kwetey at the forum disagreed with these submissions and explained that citizen behaviour has largely contributed to the problem.

On Citi FM’s news analysis programme, The Big Issue on Saturday, the Agric Minister who once served as Deputy Finance Minister disclosed that some top performers in agri-business owe huge sums of money and have so far been unable to repay their debts.

According to him, there is a cultural behaviour in which “people feel that monies given to you should not be paid back because it is for the state.”

This, he said, is one of the main reasons why “we find it difficult in giving credit or even the cost of credit because it factors into it.”

Kwetey argued that most banks in Ghana are unwilling to give money at low rates because they are uncertain over the ability or willingness of the customer to repay.

As a result, “they factor a lot of that into the cost which has to do with the risk that they perceive and that risk is coming from a culture that a lot of people simply don’t pay.”

The Ketu South Member of Parliament (MP) recalled that a few years ago, “there was the Business Assistant Fund which was virtually free money that was given to you – you couldn’t even pay them back so don’t always make it look as if the problem is coming from somebody and not you.”

He, therefore, charged the general public to “own up to your responsibility first of all. For me, that is what I insist on – the fact that everybody must look himself in the mirror and the part which is yours, face it while asking that somebody does his.”

He quickly clarified that he is in no way suggesting that “government hasn’t gotten anything to do but when I hear you go on that way, I feel as if you are deliberately trying to excuse the lack of responsibility on the part of a segment [of Ghanaians] that needs to be responsible. I think we shouldn’t encourage that.”
squash 8 years ago

Why are you in ghana and having dollars and not cedis change into cedis and buy some club beer to drink.

Why are you in ghana and having dollars and not cedis change into cedis and buy some club beer to drink.
ken 8 years ago

Guys,I have some dollars should I change it into cedis and buy treasuresbills for higher returns.I need advice from you

Guys,I have some dollars should I change it into cedis and buy treasuresbills for higher returns.I need advice from you
LIZ 8 years ago

Hold on to the almighty dollar. Don't sell.

Hold on to the almighty dollar. Don't sell.
squash 8 years ago

Ken why do you have dollars in ghana?ghana uses cedis and not dollars.you can ask economics professor at legon if its a good idea to do that

Ken why do you have dollars in ghana?ghana uses cedis and not dollars.you can ask economics professor at legon if its a good idea to do that
Joe Turkey 8 years ago

Needless to say, you do not hand over the economy to a dumb and idiotic bunch of illiterate revolutionaries.

Needless to say, you do not hand over the economy to a dumb and idiotic bunch of illiterate revolutionaries.
Adinkra a proud Akan 8 years ago

Bad news under president Mahama's administration and yet people come to defend his failures.Ghanaians must vote him out in 2016.

Bad news under president Mahama's administration and yet people come to defend his failures.Ghanaians must vote him out in 2016.
mr amin 8 years ago

Why charge import duties in dollers? its a factor in putting presure no the cedi. 2016 vote ndc out.

Why charge import duties in dollers? its a factor in putting presure no the cedi. 2016 vote ndc out.
JACOB 8 years ago

DON'T KNOW WHY WE KEEP REFERRING TO THIS EVERY TIME SOONER WE GET IT THE BETTER. IT DOESN'T MATTER WHAT LEADERS DOES FOR THEIR CHILDREN NOT UNTIL PROPER MEASURES ARE IN PLACE GHANA AND AFRICA ARE NOT GOING NO WHERE TRUST ME F ...
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DON'T KNOW WHY WE KEEP REFERRING TO THIS EVERY TIME SOONER WE GET IT THE BETTER. IT DOESN'T MATTER WHAT LEADERS DOES FOR THEIR CHILDREN NOT UNTIL PROPER MEASURES ARE IN PLACE GHANA AND AFRICA ARE NOT GOING NO WHERE TRUST ME FOR 50 YEARS WE KEEP RUNNING THE SAME SYSTEM WHILES SINGAPORE IS WAY AHEAD. ASK YOURSELF WHY AS BLACK NATION WHY WHY BAD LEADERS WHO ARE AFRAID OF CHANGE AND REFUSED TO DOTHE RIGHT THING

Surprise Ghana rate increase fails to stem Cedi slide

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