The lost coins of Ghana

Started by Figleaf, March 26, 2008, 08:40:06 AM

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Figleaf

Bog is not a derogatory term for the Republic of Ireland, but the American diplomatic term for the Bank of Ghana (the government would be called the Gog in the same circles). Mind how the editorial reads like a petition. So what is a Trotro?

Peter

Ghana: Bog Should Address Coin Palaver   
EDITORIAL, 25 March 2008

For some time now, Trotro drivers in Accra and other parts of the country have been complaining about the non availability of the new Ghana pesewa coins in circulation.

As a result of this shortcoming, they are compelled to sometimes charge passengers unrealistic fares or round off fares to the nearest amount due to the difficulty in getting small change in coins.

Market women are also worse offenders in this practice. The lack of coins has compelled them to sell their wares above the original price in order to avoid the hassle of going round to look for coins that are not available. It is important to note that when the new currency came into circulation, the same complaint was made by Ghanaians. This prompted the Bank of Ghana (BoG) to put out public announcement to the effect that they have enough coins in circulation, and all that complainants needed to do was to direct their grievances at the banks for solution.

Unfortunately, despite this assurance by the BOG, the problem would still not go away. The Chronicle would therefore like to appeal to the Central bank to redouble its efforts in finding a lasting solution to the problem.

Just some few days to the start of the Easter festivities, the BOG announced that inflation, which was hovering around 12% the previous month had jumped to 13.5%. This compelled our monetary policy committee to adjust the prime rate to the discomfort of the business community.

For us at The Chronicle, we do not claim to be experts in Economics and Statistics, but if the most basic and fundamental understanding about the cause of inflation is the continuos rise in the prices of goods and services, then we can conveniently conclude that the sudden rise in inflation could partially be attributed to the coin shortage which allows traders and Drivers to capriciously fix prices. Since the majority of Suppliers of goods and services, who are in direct link to the final consumers, make their purchases of goods at the rounded price from the market, and also pay to Drivers for the transportation of the goods at the same rounded price, the final consumer is at the mercy of these increments since the Suppliers pass on the extra charges onto the price of their products.

A few months ago, we used this same column to praise the governor of the BOG for the good policies his administration is implementing, which is reflecting in the performance of the economy. This does not, however, mean that Chronicle should be unconcerned when certain shortcomings arise, that can erode all the good work that has been done in the financial sector. The BOG needs to sit up to address this coin issue before the situation gets out of control.

The Chronicle will also like to draw the attention of the BOG for the need to educate Ghanaians to value the one pesewa coin. This coin seem to be scarce as people discard them in financial transactions. The BOG could put billions of the one pesewa coins in circulation, but until the public is educated about the need to value and use them, we will still go back to the complains about the lack of it for business transactions.

It is the contention of The Chronicle that until Ghanaians were made to understand that the pesewa coins are of value just like the paper currency, government would continue to use tax payers money to print and mint them but it would not serve its useful purpose.

Source: Ghanaian Chronicle (Accra)
An unidentified coin is a piece of metal. An identified coin is a piece of history.

translateltd

Quote from: Figleaf on March 26, 2008, 08:40:06 AM
Bog is not a derogatory term for the Republic of Ireland, but the American diplomatic term for the Bank of Ghana (the government would be called the Gog in the same circles). Mind how the editorial reads like a petition. So what is a Trotro?


Well, according to Mr Google:

Ghana's trotro - a viewpoint
trotro If you have been to Ghana before, you would know that trotros are mini-buses/buses that convey people from one part of Accra (Ghana's capital city) ...
www.davidajao.com/blog/2006/06/15/ghanas-trotro-a-viewpoint/ - 29k -

That's my new word for the day - thanks to Peter for giving me the opportunity to learn it!

Figleaf

Good link, translateltd! I had an uplifting moment over the invocation to "raise the lord". :D

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.