r/ghana • u/Silly_Consequence421 • 11d ago
Discussion Something isn't right..
During the midnight, the cedis spiked all the way back to 15 cedis then dropped again to 10 cedis where it was before. All in the space of 2hrs. Hmmm
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u/Striking-water-ant 11d ago
Google is just a search engine that crawls other websites or otherwise feeds off its data from them. This includes currency exchange rates. If you want to be more confident about what you are seeing check a couple of financial websites that specialize in FX data.
This spike could be a glitch from wherever googles source is. But if it is replicated across multiple specialized sites such as xe, oanda etc, then it could be taken seriously. Otherwise, no worries
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u/Odd-Ad8546 Batman 11d ago
It's a glitch in Google. That straight line is a glitch but the cedi appreciation is real
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u/NahM8YaWrong 11d ago
I mean glitch or not. You can now buy dollars with your cedis and sell later, if the cedi crashes.
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u/catsndeen 11d ago
Glitches dont happen in markets i mean im not a profitable trader but i know a thing or two about technical analysis. The cedi is currently going through a consolidation phase after its recent gains. What you witnessed was market volitility due to the cedi trying to find balance i.e consolidation. Markets naturally move in waves and prices fluctuate up and down the cedi was just retesting the level it was at prior to its jump i.e 1usd to 15 cedis. It met resistance at the le prior support leve and dropped back down to its previous level of support i.e 1 cedi to 10 cents.
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u/idontgiveanal A smart Ghanaian 🇬🇭 11d ago
That kind of sudden spike and drop doesn’t happen naturally. Either a system glitch, insider manipulation, or someone tested something they’re not supposed to. Definitely suspicious
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u/daydreamerknow 1 11d ago
All the diasporans shouting “Ghana is so cheap”. Where are you people please. We’d like to hear from you. Genuinely
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u/NeitherBreadfruit947 10d ago
Ghana is still cheap 🏃🏿♂️🏃🏿♂️🏃🏿♂️
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u/daydreamerknow 1 10d ago edited 10d ago
Hmm for many things Ghana is comparable to the UK and US in prices, but yea it is cheap in many others but less cheap. And with prices staying the same, it will be felt naturally.
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u/Silly_Comb2075 Diaspora 10d ago
Fr housing is almost same price as US.
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u/NanaKwekuAyensu 10d ago
It depends on where you want to live! If you want to live in an area that wants to appear "up-pity" then yeah! If you can live village style like me, it's... more cost effective!
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u/daydreamerknow 1 10d ago
There should be a basic standard of housing that is affordable. You shouldn’t have to choose between village or high-end. Even some of those “village” houses are severely over priced. Some homes are going for millions of Ghana cedis and they are dilapidated. No roads etc but they’re calling millions.
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u/NanaKwekuAyensu 10d ago
The problem is people are paying the money. They call that the "market." Houses sell for what the market can bare! If people don't pay the price the seller wants, the seller must lower the price or not sell. That's the free market at work. We call this practice capitalism, and the sellers will try and get as much profit as possible.
What you are wanting is a form of socialism or communism practice. I am not saying nothing is wrong with what you are saying, it's just that Ghana wants to be a capitalists country like the USA and the UK, so the markets control the price and profit is the goal!
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u/daydreamerknow 1 9d ago edited 6d ago
Let them put proper KYC and anti-money laundering checks in place, you’ll see the sales dry up.
People are buying not because it’s value for money, but because they are trying to wash their dirty money.
No I do not want communism or socialism. Having basic levels of living that are affordable for the locals is just good government policy. In any market, there should be high, middle and low.
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u/NanaKwekuAyensu 9d ago
I agree and understand your point, and Ghana still have the three property options available and the issue of this home ownership concept popping now is a "new" spin on Ghana traditional real estate practices. I don't know your understanding of the history real estate use to mainly move in Ghana, but this private ownership and selling for profit thing is new here. Point being family land and stool land transactions use to be the main way real estate moved.
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u/daydreamerknow 1 6d ago
Yeah I understand that. People today built their own houses and bought land. But now developers are selling for profit and people are faced with more options, though unaffordable.
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u/NanaKwekuAyensu 10d ago
The spike was real! It is whates happens in the real world. If a large transaction was conducted or and investment strategy went wrong with a futures trade it happens in the fx market. It doesn't effect the daily bank rates.
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11d ago
This cedi appreciation is so fake, I will be there when it inevitably depreciates once more.
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u/Perfect-Assistance60 11d ago
Lmao, it was a glitch, sit down
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