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Economic Indicators Comparison: Nigeria vs. Ghana
| Indicator | Nigeria | Ghana |
|---|---|---|
| Interest Rates (Lending) | 26.25% (may 2024) | Around 29.29% |
| Exchange Rates (Local Currency per USD) | ₦ (Nigerian Naira) 1490 | GHS (Ghanaian Cedi) 11.00-11.20 |
| Inflation Rate | 33..95% | 20.9% (Jul 2024) |
| Unemployment Rate | 5% | 3.6% (Dec 2023) |
Discussion:
- Interest Rates: Both countries have high interest rates to address inflation, with Ghana’s rates slightly higher.
- Exchange Rates: The Nigerian Naira is weaker compared to the Ghanaian Cedi against the USD.
- Inflation Rate: Nigeria and Ghana experiences significantly higher inflation rate.
- Unemployment Rate: Unemployment is a serious challenge in both countries, but Nigeria likely has a higher rate. Ghana’s data may be outdated.
- Savings Rate: Nigerians have a reported savings rate, while data for Ghana is scarce.
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The Evolution of the Ghanaian Cedi
Before Ghana’s independence, the West African Currency Board (WACB) controlled its monetary system. The West African pound, shillings, and pence circulated widely until July 1958.
Following independence, the Bank of Ghana took over currency issuance on July 14, 1958, replacing the WACB. The new currency maintained the pound, shilling, and pence denominations. However, Ghana’s desire for economic independence led to a significant change. On July 19, 1965, the country adopted a decimal system, introducing the Cedi and Pesewa. The Cedi replaced the pound while the Pesewa took the place of the penny.
Political changes in 1967 necessitated a currency overhaul. The New Cedi replaced the existing Cedi, bearing a different portrait. This currency simplified to “Cedi” in 1973.
Economic challenges culminated in a 1979 currency demonetization. New Cedi notes were introduced, with denominations ranging from ¢1 to ¢50. To combat inflation and facilitate transactions, Ghana has introduced higher denominations over the years. Today, the Ghanaian Cedi, with its various notes and coins, reflects the country’s economic journey and aspirations.
Sources:
World Bank
Central Bank of Nigeria
Bank of Ghana
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
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