Remember BOG cannot print dollars, BUT it needs hard cash for international transactions just like EVERY nation in the world, otherwise you run a risk of printing local currency to then buy hard cash. Which INFLATES local currency. Just think about Zimbabwe, they cannot access hard currency, so there's enormous STRESS on their local currency. But it's not BROKE technically, all it needs is access to hard currency.
I thought we already discussed this, I'll explain it again. Cino Hydro estimated the cost @55 m as you said. This is how it works, Gh makes an agreement but (zero) money is deposited anywhere. The contractor CH agrees to be paid in installment by Bank of Gh (BOG). At 50% completion BOG has to fulfill, & pay half of 55m. At every stage BOG has to pay for equivalent of completion. During kovid, BOG run into LOW reserves of Foreign currency. (CH) CAN'T accept CEDIS, which Gh has plenty of. So BOG has to go into it's Foreign account (@imf) to access foreign Cash. That cash is NOT for public USE, Rather for BOG's International trade. ~~ please read the continuation
This IMF loan CANNOT be used for Infrastructure DIRECTLY. What BOG does is trade with it, eg. Gh purchases canned tomatoes from Uganda. Uganda will only accept dollars or Euros. Gh then pays is Hard cash, brings the products & sell for PROFIT. That profit can then be used for local projects, & if there are multiple projects, BOG has to choose which ones to prioritize. And as more profit are made, more projects can resume. The actual imf loan also has to be paid back in installment. So think of a loan as Capital for Central BANK transactions, NOT for Projects.
@@babaadammedia4921 The opposition also KNOWS this. This is why, Sammy Gyamfi, Aseidu Nketsiah, & mahama aren't using this as Propaganda, cos they KNOW
Well done boss , you give us the opportunity to see infrastructure improvements in takwaradi and sekendi
It’s my pleasure 🙏❤️
Good job done ❤
Remember BOG cannot print dollars, BUT it needs hard cash for international transactions just like EVERY nation in the world, otherwise you run a risk of printing local currency to then buy hard cash. Which INFLATES local currency. Just think about Zimbabwe, they cannot access hard currency, so there's enormous STRESS on their local currency. But it's not BROKE technically, all it needs is access to hard currency.
GOOD JOB BRINGING TADI TO US . WELL DONE
Thank you 🙏
Please feel FREE to ask me any questions!!
I thought we already discussed this, I'll explain it again. Cino Hydro estimated the cost @55 m as you said. This is how it works, Gh makes an agreement but (zero) money is deposited anywhere. The contractor CH agrees to be paid in installment by Bank of Gh (BOG). At 50% completion BOG has to fulfill, & pay half of 55m. At every stage BOG has to pay for equivalent of completion. During kovid, BOG run into LOW reserves of Foreign currency. (CH) CAN'T accept CEDIS, which Gh has plenty of. So BOG has to go into it's Foreign account (@imf) to access foreign Cash. That cash is NOT for public USE, Rather for BOG's International trade. ~~ please read the continuation
Thanks for the info 🙏
So sad in Takoradi
Our town has turn into dust place
This IMF loan CANNOT be used for Infrastructure DIRECTLY. What BOG does is trade with it, eg. Gh purchases canned tomatoes from Uganda. Uganda will only accept dollars or Euros. Gh then pays is Hard cash, brings the products & sell for PROFIT. That profit can then be used for local projects, & if there are multiple projects, BOG has to choose which ones to prioritize. And as more profit are made, more projects can resume. The actual imf loan also has to be paid back in installment. So think of a loan as Capital for Central BANK transactions, NOT for Projects.
Thank you for the information
@@babaadammedia4921 The opposition also KNOWS this. This is why, Sammy Gyamfi, Aseidu Nketsiah, & mahama aren't using this as Propaganda, cos they KNOW
Please stop bringing us update on the project until work resumes.
Okay
But we need to know what is going on so we still need updates always
But we need to know what is going on so we still need updates always
u dont need to explain how they got the money
thats bad pr
Only J.M. can change Ghana ❤🕊😍💃all the way NDC.
Greetings from Germany. I.m Ghanaian from Tarkwa. Ghanaians ar wise now. Bawumia is a big lies thives Aponkye party🐐🐂🐃🐂
U, ar not from Akemy and ASHANTI peoples. I can see u from North. Why don't u following intelligent North man J.M. be wise Bro