Thursday, April 03, 2008

Accra: Post-Nations Cup

I arrived at Accra on Saturday March 31 - my first visit since the African Nation's Cup which Egypt won.
There is still a freshness that seems to have lingered on from the facelift the city received in the run up to the nation's cup. The roads are very tidy and all the buildings seem to be freshly painted - at least in my part of town.
It is also my first visit to Ghana since the revaluation of the cedi. Every 10,000 cedi has been compressed to just one cedi. The cedi now rubs shoulders with the US dollar (at US $1 to .94 cedi.). I had been curious to see what effect the revaluation woud have on general price levels. True to my expectations, prices of many articles and services have been rounded up in favour of the sellers. A price hike of 1 cedi seems insignificant whereas a price hike last year of 10,000 cedis was clearly significant and a seller would have given a lot of thought to it before implementing such a change. I found many of the items I tried to buy to be cheaper in Holland and just wondered what the common man in Ghana must be going through.
It was perhaps a good thing that President Yar Adua suspended the revaluation of the naira in Nigeria.

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