Ghana is cracking down on foreign exchange dealers as its currency slides against major world currencies.
The Ghanaian cedi has lost nearly 60 percent of its value since the start of the year, and experts are warning of difficult times ahead.
Al Jazeera’s Ahmed Idris reports from the capital, Accra.
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A very bad move for Ghana
PLEASE VOTE WODE MAYA FOR PRESIDENT😍
Politics is not YouTube content.
@Andreas Zawors yeah there is possibility that you have been saddened by this statement,,,if you are choked please drink some water and relax
Lol
wode maya himself knows his strength….youtube content creation is different from managing a country
Sadly
Akuffo Addo and Bawumia have messed up the economy and are trying to blame others.
It’s getting worse by the day sadly
How can you get 9 billion dollars from oil and gold and get Royalties 1 billion and give away 8 billion to western companies and go to IMF for 2 billion dollars
You are a man with sense. Not everything is ” inviting foreign investors” it’s about what you are getting out of it. Africans countries are in the habits of negotiating bad deals. I predicted what’s happening today in Ghana back in 2018 and Ghanaians lined up insulting me. If you are to come out of your current predicaments you must reduce your import dependence, increase export, reduce corruption and waste and own means of productions. You problem is not just “currency speculators”. Nigeria has many of those problems but there are 2 factors that has worked in our favour, increase in ownership of means of productions most importantly, diversifying our economic from oil to export of non-oil commodities, reduction in import, though not where we want to be and fintech.
Is mafia works, some politicians getting pay to be silent.
This is one thing I have really failed to understand about African countries….. Either we are being blackmailed or the witchcraft is just really working. You don’t have to have Even gone to economics school to know this isn’t right and doesn’t make logical business sense.
Bro there is something serious wrong with this Leaders
ghana wow seriously .whoever invented the cedi machine is controlling the currency
The Cedi is under attack because of the president’s stance against Cocoa business exploitation by multinationals.
Forex earnings are down,that is the fact.Ghana is short of dollars.Join the dots.
Where are their reserves to upstand the Cedi?
this is probable.
What needs to be focused and worked on in the Ghana is not done.We need to focus on exporting more processed goods to foreign countries.Not primarily chasing black market traders
Talk is cheap
raid jubilee house next
Decrease imports of finished goods, increase local production and export more finished goods, reduce fiscal deficit.
Lol as if chasing away these black market traders is the solution. The people who actually control the market are the politicians. Ghana leaders take citizens for fools. Ghana youth should wake up from their slumber
Is not the problem of black market, black market was there longtime and why all these didn’t happen, the man sitting there didn’t deserve to be there.
Says a random pedestrian on YouTube
You are right
You import foodstuffs so that is your results
and be scammer
Thank God for my British Passport
😅
The United Kingdom of India 🇮🇳
@No BS the United Kingdom of great Britain and all Countries including India. I love this country. It’s not as racist as you.
Arreste the vice president of Ghana as he promises to arrest the us dollar
The black market isn’t the problem.
Bank of Ghana says cedi to dollar is around 14cedis yet banks are charging around 16cedis.
About 2 dollars extra charged by the banks yet the government is chasing the wrong people.
SMH
@No BS I speak reality because I purchase things online and that’s what I am going through. I don’t need to be hired to run the economy before I speak the truth.
@Wily Tech Whose definition of the truth?
@No BS my definition because that is what I am facing. That is what I am charged when I transact business online.
I don’t massage any figure for any political party.
@Wily Tech You are entitled to your opinion but not your facts
@No BS which opinion?
Wow. Foot soldiers as usual.
After I have been charged by a bank in the country, you still claim it’s an opinion. SMH.
People like you are the reason the nation isn’t forging ahead into better living standards and conditions.
The Black Market was rather sustaining the value of the cedi against the dollar until the BOG decided to clamp them down… ever since the rate of the cedi started falling down like heavy rain from dark clouds… now it’s in the mud!
Another YouTube economist advising the govt of Ghana for free
The publicity alone of these actions suggests they are desperate and will drive the currency further down. It is a bad political stunt and achieves nothing but make the cedi weaker and drive demand for the black market.
🤣🤣🤣
This Ghanaian information minister is the worst minister ever, lies upon lies everyday.
The forex people are not the problem
Our leaders are not sensitive.
We don’t produce anything
This won’t solve the problem.
The central bank can kill it by matching the rate of the black market. Problem is the banks are the ones who hike the rates. You will constantly find better rates in the black market than those offered by the banks
This black market dealers have been in service for more than 30years so it cannot be the cause for the recent fall of the currency
Joe Jackson said it best,
From the fruit of the mouth everyone is satisfied (good),
and the work of man’s hands brings him a reward.
What planet are you from?
Hey guys, is bankers using the dollars as business, whenever you demand foreign currency from your bank they say know, you actually need the foreign currency to transact your business and where can you get it as your bankers are using it for their own people, in fact you will definitely goes to them as your needs, better deal with your bank managers first, as i can say clear your own darkness before clearing someone’s first, thankfully guys.
The dollar’s are under the beds of politicians
People went into politics in the first place for the almighty dollar 💵
They only lie
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Bless Ghana to come out under the grip of the economic hitman, and back it’s currency with natural resources, get out of the bad 85/15% oil deal, stop importing, and start manufacturing and export. Bless Ghana and its people.
Yh the raids are really mistargeted. The real culprits are know but are not attacked
Idiotic action. The central bank gives the rate to the forex. That sector is tiny and has little impact. We are suffering from decades of incompetent fiscal policy combined with low productivity in both public and private sector. If the world sneezes we therefore catch a cold or worse.
We have seen if in Takoradi. The old guys in market circle have literally rooms full of different currencies . I recon, combined, they have more cash in their possession than the government itself. But you have to remember this. In Rawlings time it was illegal to talk in Usd. Now there are billboards around town advertising mostly property , pricing in USD! Absolutely bizarre 😳
Interesting…
Global inflation is a result of The US Dollar being the World Reserve Currency.
How could you be a Gold coast but with no Gold reserves. It’s time to get out of dollarization back up your money with Gold. 10% royalty is too low, aggressive 25 to 30% better.
Foreign currency needs regulation but these guys are not the reason. The western investors punishment they cabt2 get more resources and lbgtq rejection
These Abochi people have been selling and buying dollars for soo long and they are the reason for the economy and the reason for the Cedi depreciation. What happened to all the dollars that the NPP collected from the airport during the Covid 19 Era. Where is the free money that the American government gave to Ghana? Where are all the dollars that the NPP government has stolen and hiding in another country? The corrupt NPP government is the Cause of the Economy wows and the Cedi Depreciation. I am not an NPP or NDC. I am a concerned Ghanaian. We do not need NPP or NDC again. Ghana needs a different party with different Leadership. NPP and NDC have nothing to offer Ghanaians. The only thing they can give is corruption. God bless Ghana!
There is much to cedis depreciation than illegal forex dealers