Scrap cedi; adopt dollar- Yale professor suggests

Posted by webmanager in Finance on August 18, 2014 11:04 am / no comments
An Economics lecturer at Yale University, Vikram Mansharamani has suggested Ghana abandon its cedi and adopt the US dollar as its currency.

He said a country like Hong Kong is doing well currently because it abandoned its local currency for the US Dollar.

According to him, the rate at which the cedi has depreciated since independence should inform authorities to scrap its usage as legal tender.

Dr Mansharamani noted that the Cedi has depreciated 99.99 per cent since Ghana’s independence in 1957 and that is the cause of the country’s economic woes.

The Cedi was introduced as legal tender under the presidency of Osagyefo Dr Kwame Nkrumah in 1965 and has been under the regulation of the Bank of Ghana.

“The Ghana Cedis has emotional attachment,” Dr Mansharamani admitted but stated that if the regulators of the currency have not the capabilities, they should outsource it.

He cited the performance of the CFA by Francophone West African countries as evidence that Ghana can adopt another country’s currency to run its economy.

Business World (with notes from tv3)

 http://www.businessworldghana.com/scrap-cedi-adopt-dollar-yale-professor-suggests/

He is silly for this statement, because he is a yale professor does not mean he knows any Better. Real Ghanaians know why the cedi is down today. And if the causes are looked into it will come back up Gradually

I think changing to dollars would make no sense, but I agree that the cedi should be changed and a new national currency created,it will do wonders,let Ghana start a clean slate.

benardtotti: I think changing to dollars would make no sense, but I agree that the cedi should be changed and a new national currency created,it will do wonders,let Ghana start a clean slate.

I Dont agree. Ghana cedi became High as @ 07.. But problem is from the present party in power that just came into cause havoc.. If koufurs party comes back. Just Watch How ghana will get back up

Vote for change ,vote NPP,vote Nana Ado Dankwa Akuffo Ado ,vote Alan kash. And ghana will be great again

onatisi: Vote for change ,vote NPP,vote Nana Ado Dankwa Akuffo Ado ,vote Alan kash. And ghana will be great again

R u ghanaian?

iamord:

R u ghanaian?

dabi dabi

onatisi: dabi dabi

Good ..we all know why ghana is here today. People might say all sort but honest ghanaians know what's up. If. You want ghana to be better ,bring back NPP. I don't Need expanciate to make known how ghana was under NPP as compared to NDC

iamord:

Good ..we all know why ghana is here today. People might say all sort but honest ghanaians know what's up. If. You want ghana to be better ,bring back NPP. I don't Need expanciate to make known how ghana was under NPP as compared to NDC

is nana contesting the party ticket again

onatisi: is nana contesting the party ticket again

He. Will win.. Very sad ghanaians let the goodness slip from their hands due to tribbalism

Mahama has been a disaster,sorry to say,he and gej are non-performers,the only saving grace for naija is that the masses can revolt anytime certain privileges are tampered with and also the opposition grew stronger,if not Pdp wuld have run roughshod on nigerians.

iamord:

He. Will win.. Very sad ghanaians let the goodness slip from their hands due to tribbalism

It has nothing to do with tribalism but rather fraud and bribery. We all know he cheated with the voting and all votes he gathered was from bribes.

Batman123: It has nothing to do with tribalism but rather fraud and bribery. We all know he cheated with the voting and all votes he gathered was from bribes.

bros mahaman won free and square , nana lost that elections because of tribalism ,if only ghanians had Used their brains when voting maybe they could have avoided the terrible mess they are in now .I was even shocked wjen some ghanians told me that theuy won't vote for him because he was a short man! And secondly nana too made some terrible mistakes which was he didn't articulate how he intended to fund and finance his free education programme,that was the attraction point of his campaign and when ndc saw that he didn't have an idea how to go about it or didn't want to disclose it they hammered in on that. Nana knows where he went wrong

Batman123: It has nothing to do with tribalism but rather fraud and bribery. We all know he cheated with the voting and all votes he gathered was from bribes.

It does .. Right from time peopl had given deaf ears to what k4 did for the country. Am not saying he was not corrupt. Nobody holy pass.. But do your work..!!!U know when they did the first elections the margin was close. The second time was the time for ghanaians to vote in their numbers for NPP.. Buut tthe majority didn't want NPP. I remember the talk back then.. Today all those people r silent.. It did not even start now but from the beginning attah mills set in. Ghana had received a lot of praise from the international community. The handling of the new found resource was a ttime to prove once again but the majority of the populace were relaxed . Am more into nigerian politics.. But always in touch with home. And that's how I view it.. If. The margin is not close it will be difficult to rig. That thin gap and margin was there cos people were triblastic and had mixed feelings.. I hope they happy now

onatisi: bros mahaman won free and square , nana lost that elections because of tribalism ,if only ghanians had Used their brains when voting maybe they could have avoided the terrible mess they are in now .I was even shocked wjen some ghanians told me that theuy won't vote for him because he was a short man! And secondly nana too made some terrible mistakes which was he didn't articulate how he intended to fund and finance his free education programme,that was the attraction point of his campaign and when ndc saw that he didn't have an idea how to go about it or didn't want to disclose it they hammered in on that. Nana knows where he went wrong

Nana also added to his down fall but asides that.. Ghanaians r still to blame. cos they did not appreciate.. Today K4 is respected and held in high esteem. I heard some of the most stupid statement just to justify their tribal hate. What I heard made me marvel cos that's nott the ghanaians I have known.. “We prefer NDC to enter and for us to sweat and pay our children through school” “I prefer goat ruling ghana than nana” “NPP ,cocaine party” to mention a few.. I. Can't forget those words.. So people should not complain pls.. They put themselves in this position

onatisi: bros mahaman won free and square , nana lost that elections because of tribalism ,if only ghanians had Used their brains when voting maybe they could have avoided the terrible mess they are in now .I was even shocked wjen [b]some ghanians told me that theuy won't vote for him because he was a short man![/s] And secondly nana too made some terrible mistakes which was he didn't articulate how he intended to fund and finance his free education programme,that was the attraction point of his campaign and when ndc saw that he didn't have an idea how to go about it or didn't want to disclose it they hammered in on that. Nana knows where he went wrong

I'm sure otumfour was among those....!

But being short is a Ghanaian thingy.