Thread by @Sbdsng

ARE WE REALLY DOING BADLY!
Are you aware that the new Ghana cedi is exchanged to Naira at the rate of 1¢ = N64.29

Let's take a journey down the memory lane together

Before you start thinking, let me do a little explanation, on July 3 2007, The Republic of Ghana introduced a new currency to replace the old that's been in use since February 17, 1967 as well as revaluation.

What they did then was, for every new 1¢, Ghanian will give 10,000 (Ten Thousand) old cedi. Therefore, they devalued their currency then by 10,000 points

Exchange rate between cedi to dollars in 2007 after the revaluation was 1¢ = $1 but in 2019, $1 = ¢5.65,

The cedi has however fallen between 2007 and 2019 by over 500%. I have attaches the exchange rate in 2013 as well as exchange rate in 2019.

What about the minimum wage:
Minimum wage was reviewed in Ghana in 2018 from ¢9.68 to ¢10.65 per day. A 10% upward review

If you multiply ¢10.65 by 27 working days in a month as calculated in Ghana, you have ¢287.55, convert this to Naira at the official exchange rate of N64.29 = N18,500:00.
Minimum wage as approved in 2019 and paid by the federal republic of Nigeria is N30,000:00

To compare with Ghana using the official exchange N64.29 we have

Nigeria - ¢467/month or ¢17.38/day

Ghana - ¢288/month or ¢10.65/day

For those in the habit of always referring us to Rwanda or Ghana at every moment.

The Grass is always Greener at the other end anyway.