The Ghanaian cedi is now an international currency, according to The Statesman, a Ghanaian newspaper.
For the first time ever in this country’s history, and indeed in the history of any local currency in West Africa, the cedi, once rated among the most discredited currencies across the globe, is going to be traded publicly on the international market.
Friday, the African Development Bank launched a two-year fixed rate Eurobond offering in cedis, the first supranational borrower to issue in the West African nation’s currency, according to Reuters.
“This is the first supranational borrower to issue in Ghanaian cedis, or indeed any west African currency,†Ade Adebajo, director of debt capital markets-Africa at Standard Chartered, said on a conference call with AfDB officials.
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[…] Proudly African links us to a story in the Ghanian local newspaper about the Cedi, the Ghanian currency, “For the first time ever in this country’s history, and indeed in the history of any local currency in West Africa, the cedi, once rated among the most discredited currencies across the globe, is going to be traded publicly on the international market.” […]
It’s all good, too:-) But, pray, what truly is the significance of this?
Well such action says it all. The government strict financial discipline had been rewarded, though there are a lot of “leakages†within the system. The financial sector will with time develop. I also hope with time, the government will try and change the whole currency, to get away with the high Value cedis. Such act shows how better job this government is doing for mother Ghana. Though they are not doing well, when it comes to politics. They are just not proactive.
How does the Central Bank plan to account for seigniorage? Amidst all the corruption, money laundering and narcotics business having a stranglehold on the political psyche and the economy.
The drugs problem is not settled so such monies will be justified and absorbed by the redenomination making certain people illegally rich that is what it means.
The untaxed or unaccounted for monies hiding in Palaces around the country and new ones sought to be build in Accra on Ga lands and forest reserves. The redenomination is just giving credibility to “BLOOD MONEY” in Ghana.
I is probably another useless but technical sham, and just an interest free loan to the NPP government to access free money for political campiagn. Redenomination is not necessary.
The timing is wrong especially if we are to join the ECO and it will demand another redenomination and another cost to tax payers and free money to thise in power. It is said to be neither devaluation nor revaluation so what is it? Why not wait until 2009?
Ghana has changed money twice, first from pounds to cedi (decimalisation)in 1965, secondly mainly just to remove Pres. Nkrumah’s head from the money in 1967, then thirdly will be 1997 due to inflation. Although within the pereiod there has been new denominations of the cedi.
IT IS INTERESTING TO KNOW THAT, DESPITE ALL THE MISMANAGEMENTS AND MISFORTUNES THAT HAVE CRIPPLED GHANA AND WEST AFRICA IN THE PAST, WE HAVE FINNALY GOT A GROUP OF PEOPLE WHO KNOW WHAT THEY ARE DOING.
VERY SOON, WHEN ALL THE OLD IDEAS ARE FADDED OFF AND THE NEW ONES REGENERATE, AFRICA WOULD BE A PLACE CAPABLE OF COMPETING WITH ANY SO CALLED “ECONOMIC GAINT”.
WELL DONE!! PRESIDENT KUFFOUR AND ALL THE TECHNOCRATS WHO HELPED THIS BRAEKTHROUGH.
For Me I always say Am very proud to be a Great Ghanaian.I am married to a deutsch man and live in Germany,but when I analyse the living here in Germany and that of Ghana,I will say Ghanaians We are BLESSED and have to be proud.The stress and struggle here in our everyday life is not easy,the only thing is the little money here is alot when ghanged into the GHC,but even before You get these little money.The toil and tongs You will go through,Ghanaian if the back of your teeth is not sweet that is where you lick.Let Us be proud of Our Country,Our free life going Country GHANA.GHANA AYEKOOOOOOOOOOOOOOOOOOO
Am proud to an African a True Ghanaian. Wanko biaa,wosi yanko, Ghana yede papa. A VERY BIG KISS TO ALL GHANAIANS