I hope you dont do that - it will have terrible implications. Just sweat talk IMF

Just40:
Ghana hasn't done any of such things, it was a speculation that was I'll informed forgetting the fact that the govt is completely against it and has opted for printing with a gold hedge

Not everyone is bankrupt like aid dependent Kenya..
How much doner funding did you take for your elections again?

rvp20182:
Forex reserves are not kept in Central Bank of Kenya or Ghana literally like that . Central Bank of Ghana opens an account in US Federal Reserve Bank. When you need dollars - they rarely give it in CASH. They just transfer from their account in FED Bank of the US - to say China - and you buy your machinery.

What is kept in Central Bank is CEDIS and Gold Bullions.

I like the way you are dumb ....
The Central Bank of Ghana keeps it gold reserves and other precious metals reserve in it secure vaults... It also keeps 20% of it fiat reserves on premise for eventualities.

This explains why the central bank of Kenya look like a mushroom with no security systems... You have made yourself completely vulnerable to US blackmail

Mkenya2019:
I hope you dont do that - it will have terrible implications. Just sweat talk IMF

Actually the consequences is the reason why we are acquiring large quantities of gold.

We will be declaring a certain quantity mixture of circulating currency as gold and other reserve backed

You keep gold bullions and cedis in your central bank.
Forex reserves are kept in US fed reserves (dollar account), you may also have a basket of currencies - kenya does keep Euros, Pounds and some Yens - you dont have them in CASH - you open accounts in Reserves banks of those countries.
In Kenya - Central Bank - mainly provide forex to Kenya Gov (Treasury) to repay debts.
Commercial banks - have their own dollars - this for private sectors - transactions.
Central Bank also intervene on the market to stabilize Kshs by buying and selling USD to commercial banks - this what IMF has an issue with
But Central Bank of Kenya does a good job defending Kshs against weakening like CEDIS - by ensuring it makes available dollars when market is tight - and buy off when there is excess - it does forex trading like any other bank

Just40:
I like the way you are dumb ....
The Central Bank of Ghana keeps it gold reserves and other precious metals reserve in it secure vaults... It also keeps 20% of it fiat reserves on premise for eventualities.

This explains why the central bank of Kenya look like a mushroom with no security systems... You have made yourself completely vulnerable to US blackmail

Mkenya2019:
I hope you dont do that - it will have terrible implications. Just sweat talk IMF

IMF is crazy. They bring in unsuitable conditions for what, 3 billion dollars??
Even the 3 billion dollars is to be in piecemeal. 1 billion dollar per year, for what??
Local debt restructuring is very dangerous especially to Local banks and financial institutions and I trust the Ghanaian Government understands that already.

Yes it doesnt make sense. It's better to try Kenya approach. Just cut 1Billion dollar from your budget every year. Dont wait for IMF to tell you the obvious. Cut development budget. Kenya we are going to cut 3 billion dollars. It's going to be brutal but anything is better than IMF straight-jacket. IMF is an undertaker. You want to try non-imf approaches to get out of the hole. Otherwise you're dead for 10yrs minimum.

GeneralDae:

IMF is crazy. They bring in unsuitable conditions for what, 3 billion dollars??
Even the 3 billion dollars is to be in piecemeal. 1 billion dollar per year, for what??
Local debt restructuring is very dangerous especially to Local banks and financial institutions and I trust the Ghanaian Government understands that already.

Mkenya2019:
You keep gold bullions and cedis in your central bank.
Forex reserves are kept in US fed reserves (dollar account), you may also have a basket of currencies - kenya does keep Euros, Pounds and some Yens - you dont have them in CASH - you open accounts in Reserves banks of those countries.
In Kenya - Central Bank - mainly provide forex to Kenya Gov (Treasury) to repay debts.
Commercial banks - have their own dollars - this for private sectors - transactions.
Central Bank also intervene on the market to stabilize Kshs by buying and selling USD to commercial banks - this what IMF has an issue with
But Central Bank of Kenya does a good job defending Kshs against weakening like CEDIS - by ensuring it makes available dollars when market is tight - and buy off when there is excess - it does forex trading like any other bank

I am telling you that we keep 20% of our forex reserves on hand and your still making noise.

At the expense of having the benefits of a floating currency, your country bank starve the growth of every Kenyan to keep the kshs as a managed untrustworthy paper.

You dont have a floating currency when you have a black market for forex. Kenya is many steps ahead of Ghana in macro-economics.
You're small Nigeria where people buy forex from black market at 11 cedis to dollar - while a few fat cats buy from their banks at 9- HUGE ARBITRAGE - BENEFITING A FEW.
Those with connection - buy at 9 from central bank or their bank - go to the backstreet - and sell for 11
In Kenya - nobody has heard of black market of dollars - maybe pre-1990.

Just40:
I am telling you that we keep 20% of our forex reserves on hand and your still making noise.

At the expense of having the benefits of a floating currency, your country bank starve the growth of every Kenyan to keep the kshs as a managed untrustworthy paper.

Mkenya2019:
You dont have a floating currency when you have a black market for forex. Kenya is many steps ahead of Ghana in macro-economics.
You're small Nigeria where people buy forex from black market at 11 cedis to dollar - while a few fat cats buy from their banks at 9- HUGE ARBITRAGE - BENEFITING A FEW.
Those with connection - buy at 9 from central bank or their bank - go to the backstreet - and sell for 11
In Kenya - nobody has heard of black market of dollars - maybe pre-1990.

you are funny
Whether floating or managed, there will always be a currency black market.

Anyone who need access to forex goes to a forex shop.

Just Google Kenya parallel forex market and see the huge nonsense happening in your country.
While your cbk is selling at 120, bureau are selling at 122 and 126

There will always be underground trade for anything as long as theres demand and speculation

Usual madness. You cannot have black market if you have a floating currency - that is driven by demand and supply - market forces - in kenya the difference btw banks or forex shops (regulated by CBK) is minimal.

Just40:
you are funny
Whether floating or managed, there will always be a currency black market.

Anyone who need access to forex goes to a forex shop.

Just Google Kenya parallel forex market and see the huge nonsense happening in your country.

There will always be underground trade for anything as long as theres demand and speculation

Mkenya2019:
Usual madness. You cannot have black market if you have a floating currency - that is driven by demand and supply.

yes you can as long as theres demand and speculation...

The black market is just an unlicensed buyer of forex
Are you still disputing that the Cedi is a floating currency?
The cedi is a floating currency while kshs in a managed junk.
Sleep, your economy is not capable of floating the kshs.
There will be an uprising by next week

Black-market rate is more expensive than official rate - at least in Ghana. It can only happen because normal human being (not a mad one like you) cannot get sufficient dollars from their banks. Or they are engaging in criminal activities.

So you many problems if people are going to backstreet to buy more expensive dollars when they can just walk to their banks and get cheaper dollars.

Just40:
yes you can as long as theres demand and speculation...

The black market is just an unlicensed buyer of forex
Are you still disputing that the Cedi is a floating currency?

Mkenya2019:
Black-market rate is more expensive than official rate - at least in Ghana. It can only happen because normal human being (not a mad one like you) cannot get sufficient dollars from their banks. Or they are engaging in criminal activities.

So you many problems if people are going to backstreet to buy more expensive dollars when they can just walk to their banks and get cheaper dollars.

Is that why forex bureaus are acting like black market racketeers with such a huge difference? Is that why the parallel market in Kenya is selling dollars at 140kshs?
Kenyans might be really mad..

99% of people who need dollars go to license bureaus because that is where they can get enough forex to buy and those who have higher demand goes to their commercial banks.

In Ghana, we don't have a parallel market like exist in Kenya for a higher speculation because of the constant shortage in supply.


Ghana cedi because a floating currency in 1978 ... See how much growth our currency regime has matured ?
Do that for kshs so that your economic growth can actually affect Kenyans positively and see if your kshs don't end up at 5,000 kshs to a dollar

Just40:
Is that why forex bureaus are acting like black market racketeers with such a huge difference? Is that why the parallel market in Kenya is selling dollars at 140kshs?
Kenyans might be really mad..

99% of people who need dollars go to license bureaus because that is where they can get enough forex to buy and those who have higher demand goes to their commercial banks.

In Ghana, we don't have a parallel market like exist in Kenya for a higher speculation because of the constant shortage in supply.


Ghana cedi because a floating currency in 1978 ... See how much growth our currency regime has matured ?
Do that for kshs so that your economic growth can actually affect Kenyans positively and see if your kshs don't end up at 5,000 kshs to a dollar

Kenya doesn't have a black market for forex trade, the Kshs is a stable currency and it's against the law. Apply your hobbit brains!

Edit

rvp20182:
Maybe you have another Kenya in Nigeria.

1) Ordinary Taxes.
KRA collected Sh.2.03 trillion in the financial year under review, against its set target of Sh.1.88 trillion, and two revised targets of Sh.1.91 trillion and Sh.1.97 trillion respectively. A sum of 22.3% improvement in revenue collection compared to the previous financial year where it collected a total of Sh.1.66 trillion.

2) AIA - user fees, licenses, fines, etc
By the end of June 2022, total revenue collected including A-I-A amounted to Ksh 2,199.8 billion against a target of Ksh 2,192.0 billion reflecting an improvement of Ksh 7.9 billion.

Total revenues 2.03 trillion+ 2.19 billion - that is 2.3 trillion KSHS as of June 2022.

2.3 trillion ksh.... that's $19bn. You don't generate over $20bn like you said.

Just40:
you are funny
Whether floating or managed, there will always be a currency black market.

Anyone who need access to forex goes to a forex shop.

Just Google Kenya parallel forex market and see the huge nonsense happening in your country.
While your cbk is selling at 120, bureau are selling at 122 and 126

There will always be underground trade for anything as long as theres demand and speculation

He shouldn't be blowing lies for us here.

GeneralDae:

Kenyans here mock Ghana but all analysts in the world regard their situation also as one of the most dangerous in Africa together with Ethiopia as well in the top three bracket if we exclude the likes of Zambia, Mali, and the rest who have already defaulted.

They got drunk on loans. I thought Nigeria's debt case was the worst until these threads. Kenya is like a bad business that will soon close shop. They right now need the imf than Ghana. Their debt is currently about 70% of their GDP. There's no way they won't default. Even the Chinese are wary of lending them more. They're the next Lebanon. It's not about 'if' but about 'when.'

Splitting hairs. USD was around 115 then - and that rounds up to 20B. If we apply the Nigeria black market rate to your revenues - they will be next to nothing.
Last year - Nigeria federal revenue - N3.93 trillion divided by 750 - is it 5B dollars - official rate (420 naira to a dollar?) is like 10B;
The ZOO - is collecting 10B dollars annually - to manage 200M people.
Let assume at best the 36 states also try to collect 5B!

Zoogeria need jesus.

obaaderemi:
2.3 trillion ksh.... that's $19bn. You don't generate over $20bn like you said.

Debt is not repaid by GDP - it's repaid by gov revenues - which Kenya gov has - and Nigeria doesnt.

obaaderemi:
They got drunk on loans. I thought Nigeria's debt case was the worst until these threads. Kenya is like a bad business that will soon close shop. They right now need the imf than Ghana. Their debt is currently about 70% of their GDP. There's no way they won't default. Even the Chinese are wary of lending them more. They're the next Lebanon. It's not about 'if' but about 'when.'

rvp2018:
Debt is not repaid by GDP - it's repaid by gov revenues - which Kenya gov has - and Nigeria doesnt.

Wsup with this?

obaaderemi:
He shouldn't be blowing lies for us here.

I am now really tempted to believe Kenyans here don't know what's going on in their country or is it just me?

That problem was fixed. Some uhuru people wanted to pull a forex scam like happened in 1993 under something called Goldenburg scandala. Uhuru and his scammers will soon be facing the law.

Central Bank of Kenya (CBK) Governor Dr Patrick Njoroge has claimed that during the final term of President Uhuru Kenyatta's reign, there was a plot by some government personnel in the finance docket to sabotage the country's economy as was the case during the infamous Goldenberg scandal.

Dr. Njoroge revealed that a section of government officers had infiltrated the public coffers with the intention of embezzling funds in the foreign exchange department but the CBK management has since managed to deal with.

Despite not mentioning the culprits for what he said was a lack of distinctive evidence, he said that CBK managed to get wind of the scheme and was able to stop it thus preventing a similar loss like the 1990s Goldenberg scandal that led to a loss of about 10 percent of the country's GDP.

"In the last two to three years, we have people who were again trying to bring us back to Goldenberg. if you remember what was happening in Goldenberg, this is what some of the people are pushing towards. I don't want to get into details because they will ask me where is the proof, and I will say I don't have proof, am not DCI," Njoroge said.

The CBK boss was speaking on Monday during an induction exercise for Members of Parliament.

samorobo:


Wsup with this?

I thought this was worth sharing. The currency crises and debt burdens around the world would only get worse.



https://www.youtube.com/watch?v=uO2HC2YJDwc

obaaderemi:
He shouldn't be blowing lies for us here.

it is always good to expose him else he will repeat the lie over and over again

GeneralDae2:
I thought this was worth sharing. The currency crises and debt burdens around the world would only get worse.



https://www.youtube.com/watch?v=uO2HC2YJDwc

exactly so... Everything has been set up for the introduction of Bretton wood 3.0

Lots of conspiracy nonsense.
We are dealing with COVID+Ukraine-Russia(energy) economic crisis - 3 yr global crisis.
This is akin to 1972 Iran crisis that took 10 yrs to fix.
It's going to set countries back 3-5yrs if not 10yrs behind.
USD will strengthen - and rest of currencies will weaken - because USD is global currency and, in a crisis, - Cash is King.

Countries most exposed are those most indebted - and they need to build resilience & try surviving the crisis.

GeneralDae2:
I thought this was worth sharing. The currency crises and debt burdens around the world would only get worse.



https://www.youtube.com/watch?v=uO2HC2YJDwc

Nairobi Eastleigh - one biggest somali type mall

https://www.youtube.com/watch?v=IC5m2ZlL_Nk&t=165s

Fourpockets:

You could make your points without insults... Moving on

A country like Nigeria needs import restrictions else our currency would free fall a thousand fold. Like why were we importing toothpick? Makes no sense when we have plenty of wood. Even in China, it was restrictions like these that helped their economy in the long run

Nigeria makes tooth pick, why import again.
We just like abusing things in this country

rvp20182:
Debt is repaid by gov revenues. Kenya gov collects more than 20B dollars in revenues. Kenya gov also own many assets. We can sell shares in 15 listed companies and half the debt if we want.

We do have a definite challenge ATM but not a crisis. I saw smth a yr or two ago on the total value of our SOEs. Divesting from the major ones should give us at least 7 bn $ at a conservative valuation. I can't find the source right now.
That's valuable breathing space and we're NOWHERE near as fkd as these mouthy Waffas.

Yes Kibaki was able to cut on borrowing by selling SOES - to finance deficit; This is what we need to do;Next year budget for example; instead of borrowing 800B - we can target to sell SOES for 200B (few jewels like Safaricom, Kengen, KCB) - and borrow the 600B instead.

kikuyu1:


We do have a definite challenge ATM but not a crisis. I saw smth a yr or two ago on the total value of our SOEs. Divesting from the major ones should give us at least 7 bn $ at a conservative valuation. I can't find the source right now.
That's valuable breathing space and we're NOWHERE near as fkd as these mouthy Waffas.