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mickeyman
Penny Pincher Member
Canada
243 Posts |
 Posted - 01/04/2008 : 10:41:34
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Ghana has performed its long-awaited revaluation of the cedi. (link to video below). The cedi is now worth a little more than $1 (US)
You must be logged in to see this link.http://ghanaconscious.ghanathink.org/node/341
I just spent three weeks in Ghana before Christmas. Unlike the happy people singing and dancing in the video, those in Ghana are somewhat less happy. There is a major problem with the revaluation. They forgot to make coins. Well they made a few, but not nearly enough. So you go into a convenience store to buy a bottle of water, and it costs about the equivalent of 30 cents, but the store owner has no change, so it ends up costing you a full cedi. This is playing out all over the country and is a significant hardship.
In the short term, people have been papering over it by using the old currency for change, as it was permitted to circulate until January 1 this year. But the old currency now is no longer legal tender.
Also the rapid rise in the Canadian currency made it a currency of choice for a brief time in the exchange markets, but in December it fell out of favour and was being exchanged at rates as low as $0.85-0.9 US (i.e., as significantly less than $1 US).
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Ghanaian revaluation
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