THE BEGINNING OF OUR ECONOMIC WOES CREATED BY DR. BAWUMIA AND HIS NPP
I write to you as a bad reader as you describe ndc follower and as well a non-econs brain. But please I want to know why I should believe your new formula concerning our debts and loans as a country. I am asking this because in one of your lectures you lied that after the re-denomination, the cedi equaled the dollar. Till date the cost of the re-denomination, you have never stated anywhere and also you have failed to take responsibility for the fiasco e-zwich project.
Before the re-denomination exercise $1=9,600cedi, after knocking four 0s it became $1=0.96ghc.. An economist of your caliber said this means almost equal to a dollar meaning less than a dollar. It is with this voodoo exchange rate you and the NPP lied to many agencies across the world. Infact it was the beginning of the aggravation of our woes as a nation.
Did the re-denomination exercise have any consequences on our economy, Dr. in that CUC lecture you said no, but the following reality state otherwise.
Our currency was as follows
50cedis, 100 cedis, 200 cedis, 500, 1000, 2000, 5000 and 20000ghc.. After re-denomination our currency was in this revalues
The price of sachet water was 200cedi, but because it was not taken care of sachet water jumped to 500cedi . Meaning what 200cedi could buy before re-denomination could not buy same thing after the exercise. One needed additional 300cedi before. Where did that 300cedi come from?
Before re-denomination polytene bag was 50cedi, but after the exercise it jumped to 1p because there was no denomination for the 50cedi after the exercise. Where did the extra 50cedi go, because to buy the same commodity you needed 100% of the early amount. Sadly in no time the 1p lost its value and the price jumped to 500cedi/5p…
Kenkey was less than 1000cedi but it jumped to 5000cedi /50p.
Commodities that were in 1,250 cedis had to be rounded up to 1,500c/1.50p because 200cedi and 50cedi were not part of the new values.
Didn’t this rounding up of prices have any effect on our economy because it meant you needed more to buy same item just after re-denomination.
To have a full and clear picture of the effect of your lies about the re-denomination you must compute commodity prices in its old currency value then compare it to the new value then you will appreciate the mess you called economic boom.
With the above submission juxtaposing it to your submissions on our economy how can I believe your new exchange rate loans and debt of the nation.. By the way did you do same analysis back then after re-denomination using the earlier exchange rate?
Because you accuse us not to be reading kindly break your response done for me wai… I am an Akyem village brother of Nana A. Okoto Menkas in question