Join the @HumanCapAfrica roundtable today as our Programme Director Utibe Henshaw speaks on
“Linking Early childhood education with Early Grade learning. Enhancing early learning through Structured Pedagogy and age and level-appropriate teaching methods”
https://t.co/KyMQyvCY0q
This year -2024- is Year of Education as declared by our countries in Africa through the @_AfricanUnion.
To all Political Leaders -especially Presidents and Prime Ministers on our continent, I said “Show us the Actions on Education and not just the Words”.
Listen.✍🏾✍🏾✍🏾
@kenny_akowonjo God absolutely does care about your mental health…about your soul prospering. “Dear friend, I pray that you may enjoy good health and that all may go well with you, even as your soul is getting along well.”
3 John 1:2 NIV
https://t.co/Y1wjTLE2e7
Exciting news! 🌟 Meet Utibe Henshaw @uthenshaw, Programme Manager at @TEPCentre, our mentor for the "African SDGs Mentorship Programme" at AIIDEV Africa. Passionate about Quality Education, Utibe will empower young professionals and future African leaders. 🤝
@FCdO@LantPritchett @IEFGnetwork Rachel Hinton: It's great how RISE drew on the community of practice to connect with the RISE Diagnostic tool - more of those connections are needed.
I read somewhere that the brilliant chaps in Abuja running the economy are considering redenomination (arbitrarily knocking off a few zeroes) as a solution for the naira's declining value and rising inflation.
2 things.
1.) This is a continuation of Buhari's legendary economic illiteracy, where a government, for some reason, places an obsessive and neurotic focus on how much the naira exchanges for vs the dollar. For the umpteenth time, having a "N1 = $1" currency is NOT a meaningful economic goal, even if it were realistic - which it is not.
1 USD buys about 950 naira. 1 USD buys 1,300 Korean won. 1 USD buys 145 Japanese yen. 1 USD buys 144 Kenyan shillings. None of these numbers tells you anything about the strength of those economies. On paper, the naira is worth more than the won. Does that mean Nigeria has a better currency or a stronger economy than Korea? Does parity of the JPY and KES in terms of their dollar value mean that Kenya and Japan are economic equals?
No. That would be a silly and illiterate conclusion to draw from looking at an exchange rate. A thousand and one things can affect an exchange rate, and it can mean a thousand and one different things. A cheaper naira to lazy Nigerian politicians might be bad news because it means spending more to get their imported Patek Philippe watches and 12-year reserve whisky. A cheaper won to productive South Korean industrialists, on the other hand, means more export sales since international buyers can now get more KRW and buy more Korean goods for the same dollar amount.
Trying to build fiscal and economic policy around "revaluing" the naira is a mistake and a fool's errand. The only part of the exchange rate that should be a government's concern is its long-term relative stability. In other words, the exchange rate should be left to market forces and allowed to find its bottom - even if that bottom is N2000 = $1. As long as plans to significantly increase production and exports are being implemented correctly, any pain from a high exchange rate will be brief and temporary.
(From consumption to production, anybody? If only a well-known Nigerian industrialist-cum-politician has been saying pretty much exactly this for years!)
2.) Ghana redenominated the cedi in July 2007, knocking off 4 zeroes overnight to make 1 GHS = 1 USD. It's been 16 years since then, and the cedi now trades at around $1 = Ç11. That's an over 1,500% loss in cedi value since redenomination. Redenomination only made cedi transactions more physically convenient - it did not solve the basic inflationary problem of the cedi, which is the same as the basic economic problem of Ghana and Sub Saharan Africa in general - having consistently lower export incomes than import expenses, causing a permanent balance of trade deficit.
In fact, last year, the cedi was rated as the world's worst performing currency. https://t.co/mj3vNEPgCt
I know nobody sensible is listening, but I'll still waste my breath and say it anyway - REDENOMINATION IS NOT AN ECONOMIC SOLUTION, NEITHER DOES IT SOLVE INFLATION. IT IS AN AESTHETIC MEASURE AT BEST, AND COULD ACTUALLY WORSEN NAIRA INSTABILITY AT WORST.
There.
This Ghana Refugee don talk him own.
@adapekem@NosaAguebor 😂 I think the expression comes from the Yoruba phrase, “a we oo”, meaning to shower or bathe something…in the same way you’d bathe a newborn baby. So when you get something new, folks would say… or “we go wash am” so maybe half point @NosaAguebor but only if the plane is new