Mr. Finance minister I wonder how much economics you know? Where did you get your PhD in economics? All economists even if they do not have PhDs publish in journals in their relevant fields. You must have at least 10 public ... read full comment
Mr. Finance minister I wonder how much economics you know? Where did you get your PhD in economics? All economists even if they do not have PhDs publish in journals in their relevant fields. You must have at least 10 publications for me to view you as credible to handle Ghana's economy. I say this because some of your statements expose you as a novice in economics. The Cedi is falling and jumping around because you are borrowing too much and you are not using the money judiciously. You have also been asking the BoG to print too much money that again you do not spend in the interest of the nation. This creates inflation. Note that according to Milton Friedman "inflation is everywhere a monetary phenomenon" I hope you know who Milton Friedman is and I hope you are familiar with this quote? I promise you that if you stop the unnecessary borrowing and you stop printing the money and get inflation to single digits the Cedi will stabilize. As you recall Mills limited inflation and the Cedi was stable. Stop the corruption.
You do not need an EXIM bank although an EXIM bank can help it is not a panacea. Correlation is not causation. Just because you see one country successful with an EXIM bank does not mean Ghana needs it. Maybe that country is not corrupt so the EXIM does what it is supposed to do. For Ghana the problem is corruption and abuse of the public purse. The EXIM bank will still fail if you continue with the corruption. Take my advice: Limit the borrowing (although you have already borrowed too much), stop the money printing and increase the tax base by asking the informal sector (carpenters, masons etc) to pay tax then try to stimulate exports by focusing on the manufacturing sector. Stop the Dumsor so companies can manufacture to export. Build roads in the rural areas and help the farmer to get the produce to market. The roads must work even in the rainy seasons because Ghan's roads are useless in the rainy season. Have a good day.
Obrefo 8 years ago
Exim Bank would not solve our economic problems if we continue to loot and remain corrupt. They would over shadow any progress the Exim Bank would bring. We need to stop the looting, stealing and the lies period before good t ... read full comment
Exim Bank would not solve our economic problems if we continue to loot and remain corrupt. They would over shadow any progress the Exim Bank would bring. We need to stop the looting, stealing and the lies period before good things would come to Ghana. Why is that every major government contract is sole sourcing? Is it because of the 10% kickback? Or the usual st1nky "qid pro quo" corrupt rotten deals?
Col.Q. 8 years ago
As soon as something crops up which Ghanaians have no idea of what really that thing is commentary here becomes very limited and to some extent "off the point"! People then tend to deviate completely from what is at stake and ... read full comment
As soon as something crops up which Ghanaians have no idea of what really that thing is commentary here becomes very limited and to some extent "off the point"! People then tend to deviate completely from what is at stake and ask irrelevant questions to divert people's attention from the topic.Why can't we get ourselves informed first about issues before commenting, google is free!!!
Obrefo 8 years ago
The basic fundamentals destroying our nation must be addressed else nothing will work period. Corrupt, stealing, liars, incompetence, kickbacks, lack of proper supervision and accountability, bribery, looting of state resourc ... read full comment
The basic fundamentals destroying our nation must be addressed else nothing will work period. Corrupt, stealing, liars, incompetence, kickbacks, lack of proper supervision and accountability, bribery, looting of state resources, blind politics, sycophancy and mismanagement are the problems we need to fixed before we can effectively and efficiently build our nation. We can borrow all over the world like we're doing now but it will not bring the nation any meaningful prosperity. The BORROW, CREATE, STEAL, LOOT and SHARE economic policies Ghana is practicing will collapse the nation economically at the end. We could establish as many Exim Banks we want but if the fundamental structures to make them work are not in place, they would be hopeless at the end. We must face our demons, accept our short comings, find antidotes, solve them, and move forward. We can't borrow, loot, steal, corrupt, bribe, take kickbacks, lie, and mismanage our way into prosperity as a nation. It has never happened in the history of mankind and it will never happen in Ghana. The truth hurts but it must be told regardless. We're a notion of thieves, corrupt people, liars, political hypocrites, sycophants, incompetents and wreckless so far as management is concerned. We hail those who steals from the government instead of rebuking them because they're our party members, family members, friends and from the same tribes. Very shameful. My heart breeds for Ghana.
Obrefo 8 years ago
Ghana established specific purpose banks in the past; what happened? We're poor students of History as a nation because of politics, corruption, sycophancy and hypocrisy. What happened to Cooperative Bank to help cooperative ... read full comment
Ghana established specific purpose banks in the past; what happened? We're poor students of History as a nation because of politics, corruption, sycophancy and hypocrisy. What happened to Cooperative Bank to help cooperative businesses and farmers? What happened to Bank for Housing and Construction to help our contractors? What happened to Merchant Bank to help our traders? Ask the corrupt criminal useless visi****onless and wicked political thieves parading as leaders because they know exactly what happened. What make you thing an Exim Bank on the same rotten corrupt structures would survive. I rest my case.
Obrefo 8 years ago
Agriculture Development Bank is a purpose bank established to make affordable loans to farmers of all forms in Ghana. What is now? The Bank has move away from it's core duty; what percentage of the Bank's loan is given to far ... read full comment
Agriculture Development Bank is a purpose bank established to make affordable loans to farmers of all forms in Ghana. What is now? The Bank has move away from it's core duty; what percentage of the Bank's loan is given to farmers? They are interested in in chasing government bonds and T-Bill with little loan to farmers. It's a ploy for this incompetent corrupt criminal looting regime to find another source of borrowing. The government is running out of borrowers. We can't borrow out of debt, corruption, lies, incompetence, looting and mismanagement period.
Obrefo 8 years ago
Let somebody set up Exim Bank to do what you're saying, I bet you Cocoboard will never borrow from that bank because of corruption, kickbacks and politics. Stop your regime should stop the irresponsible borrowing, the stealin ... read full comment
Let somebody set up Exim Bank to do what you're saying, I bet you Cocoboard will never borrow from that bank because of corruption, kickbacks and politics. Stop your regime should stop the irresponsible borrowing, the stealing and the looting, and the cedi will stabilized. You just borrow $I billion in the bond market with an unprecedented killer 10.75% interest rate and you expect the cedi to stabilized? After servicing all these loans($27 billion), would there be anything left to develope the nation? We don't produce much; the little we produce, we don't add any value to them. We just sell them cheap because of kickbacks, corruption and politics. Ghana has been selling raw cocoa beans cheap since Guggissburg time and we're still doing the same. How come the few companies in Ghana processing cocoa are forced to import cocoa from Ivory Coast and other countries while we export our cocoa cheap? Because of politics, we're not selling cocoa to these few cocoa processing companies. Is it how a nation is built? Is it how we create employment? Is it how we increase our export revenue? Is it how we broaden our tax base? Extorting millions of dollars from Private Cocoa Purchasing Companies for your 2016 campaign will not develop your economy and strengthen your currency. It can buy you votes but not developments and prosperity for the nation. We need thinkers and people who have love for Ghana to lead but not criminal corrupt thieves parading as politicians. They just need power to enrich themselves at the expense of the nation with impunity.
Kom 8 years ago
Please stop the lies. What happened to Merchant Bank? Where is the money coming from to establish the bank? Please try and solve the power crisis first before you establish your bank. Are we cursed? The power crisis is a majo ... read full comment
Please stop the lies. What happened to Merchant Bank? Where is the money coming from to establish the bank? Please try and solve the power crisis first before you establish your bank. Are we cursed? The power crisis is a major setback for our economy and instead of putting all our energy into solving it, you are thinking of a new bank.
Say the TRUTH 8 years ago
Mr. Terkper was upbeat that an EXIM bank can solve the current cedi depreciation due to its low interest rates, and will entice exporters to export more. Vietnam is a class example of economies that have used the EXIM bank to ... read full comment
Mr. Terkper was upbeat that an EXIM bank can solve the current cedi depreciation due to its low interest rates, and will entice exporters to export more. Vietnam is a class example of economies that have used the EXIM bank to grow.
“Vietnam today has an EXIM bank. We were told it was established with the assistance of Canada, Korea and others. Why can’t Ghana have an EXIM bank that will support SMEs who want to do exports, so that we expand the export base and earn more foreign exchange?
“We all complain about depreciation of the cedi. The solution is an EXIM bank that provides guarantees and loans at reasonable rates. That is what COCOBOD does to support local farmers, and so we have to develop other institutions to do the same. That is the EXIM bank strategy,” he said.
IS THAT A WHOLE FINACE MINISTER'S NAIVE/IGNORANT ABOUT BANKING/FINANCE AND ITS SYNERGIES USED IN DETERMINING BANK RATES?????/
Eeeeeeeeeeeeeeebeeiiiiiiii GHANA IS IN DEEP TROUBLE FOR HAVING SUCH A NAIVE IGNORANT NO-NOTHING FINANCE MINISTER!!!!!!!!!!!
EEEEiiiiiiiiiiiiiiiiiiiiiii hhhhhhhmmmmmmmmmmmmmmmmmmm IS FINANCE/BANKING/ECONOMICS STUPID?????????
hahahahahahahahhaaaaa!!!!!!!!!
Fred Anyante 8 years ago
Ghanaians are hypocrates. Are all public offices held by NDC? Police is corrupt. We know how road blocks are mounted to collect money all over Ghana. Many institutions are filled with corrupt public servant but do they all be ... read full comment
Ghanaians are hypocrates. Are all public offices held by NDC? Police is corrupt. We know how road blocks are mounted to collect money all over Ghana. Many institutions are filled with corrupt public servant but do they all belong to NDC? Are they NDC supporters? When we are not serious we say government is corrupt. No wonder JJ eliminated some corrupt elements but everyday we condomn him for that. Buhari of Nigeria is feared for his intolerance for corruption. Africans by nature are born corrupt, indeed Ghanaians are corrupt and need punitive measures to stop stealing state funds.
Joe Turkey 8 years ago
With the NDC government fully leveraged, nothing, absolutely nothing, can save the country and the cedi. Both are doomed. What's in a name? Was it not for the provision of low-interest loans to exporters that the Export Finan ... read full comment
With the NDC government fully leveraged, nothing, absolutely nothing, can save the country and the cedi. Both are doomed. What's in a name? Was it not for the provision of low-interest loans to exporters that the Export Finance Company was formed by the then PNDC (and now NDC)? It turned out the bribes requested by the then managers as a condition for giving out the loans made the cost of the loans even higher than loans from other traditional sources. One of the managers (name withheld) set up a big Forex Bureau in Accra East, resigned (or was fired) and went into consultancy. This country is doomed. And watch what happens to the cedi when the government runs out of sources of borrowing. The cedi will fall like a lead ball.
k.k. 8 years ago
EXIM BANK...... and you have been sitting down all these years, my brother,
EXIM BANK...... and you have been sitting down all these years, my brother,
NPP KWASEAFUO PARTY. NPPP JIMIFUO KUO 8 years ago
It looks like our people don't know what is dragging the cedi down. The problem is that foreigner are sending huge amounts of foreign currencies out of Ghana through unauthorised channels.
We opened our doors to Nigerians ... read full comment
It looks like our people don't know what is dragging the cedi down. The problem is that foreigner are sending huge amounts of foreign currencies out of Ghana through unauthorised channels.
We opened our doors to Nigerians and others to come and do business in Ghana and they are making huge profits and repatriating their profits back to their countries of origin.
We are not going to win this currency war because our big guys have no idea what really is causing the problem.
Sonny 8 years ago
Is this minister a truly a finance minister? wat ar his qualifications n experience? trust me dat a student dat i tot in adu gyamfi n had C2 in econs can perform better dan than useless minister. hmmm cos of tribal politics ... read full comment
Is this minister a truly a finance minister? wat ar his qualifications n experience? trust me dat a student dat i tot in adu gyamfi n had C2 in econs can perform better dan than useless minister. hmmm cos of tribal politics he is still at post. is nt his fault. even de president doesnt know wats goin on in de business sector. u ask him how many taxes hav gvt impose on impprts. he wll tell u is only two. direct n indirect taxes. illiterates in dis country are killin us by votin fr dis foolish party cos of 50gh cedis.oh Ghana.
Mr. Finance minister I wonder how much economics you know? Where did you get your PhD in economics? All economists even if they do not have PhDs publish in journals in their relevant fields. You must have at least 10 public ...
read full comment
Exim Bank would not solve our economic problems if we continue to loot and remain corrupt. They would over shadow any progress the Exim Bank would bring. We need to stop the looting, stealing and the lies period before good t ...
read full comment
As soon as something crops up which Ghanaians have no idea of what really that thing is commentary here becomes very limited and to some extent "off the point"! People then tend to deviate completely from what is at stake and ...
read full comment
The basic fundamentals destroying our nation must be addressed else nothing will work period. Corrupt, stealing, liars, incompetence, kickbacks, lack of proper supervision and accountability, bribery, looting of state resourc ...
read full comment
Ghana established specific purpose banks in the past; what happened? We're poor students of History as a nation because of politics, corruption, sycophancy and hypocrisy. What happened to Cooperative Bank to help cooperative ...
read full comment
Agriculture Development Bank is a purpose bank established to make affordable loans to farmers of all forms in Ghana. What is now? The Bank has move away from it's core duty; what percentage of the Bank's loan is given to far ...
read full comment
Let somebody set up Exim Bank to do what you're saying, I bet you Cocoboard will never borrow from that bank because of corruption, kickbacks and politics. Stop your regime should stop the irresponsible borrowing, the stealin ...
read full comment
Please stop the lies. What happened to Merchant Bank? Where is the money coming from to establish the bank? Please try and solve the power crisis first before you establish your bank. Are we cursed? The power crisis is a majo ...
read full comment
Mr. Terkper was upbeat that an EXIM bank can solve the current cedi depreciation due to its low interest rates, and will entice exporters to export more. Vietnam is a class example of economies that have used the EXIM bank to ...
read full comment
Ghanaians are hypocrates. Are all public offices held by NDC? Police is corrupt. We know how road blocks are mounted to collect money all over Ghana. Many institutions are filled with corrupt public servant but do they all be ...
read full comment
With the NDC government fully leveraged, nothing, absolutely nothing, can save the country and the cedi. Both are doomed. What's in a name? Was it not for the provision of low-interest loans to exporters that the Export Finan ...
read full comment
EXIM BANK...... and you have been sitting down all these years, my brother,
It looks like our people don't know what is dragging the cedi down. The problem is that foreigner are sending huge amounts of foreign currencies out of Ghana through unauthorised channels.
We opened our doors to Nigerians ...
read full comment
Is this minister a truly a finance minister? wat ar his qualifications n experience? trust me dat a student dat i tot in adu gyamfi n had C2 in econs can perform better dan than useless minister. hmmm cos of tribal politics ...
read full comment