The MYC4 Forum has been live for a couple of months now and though it is mainly intended for dialogue between investors, we make sure to check it out from time to time to better understand the priorities and concerns of our investors. At the moment, for instance, investors are asking for more transparency on how money is transferred and converted back and forth from euro to local African currencies – a request that we will make sure to respond to here on the blog in the near future.
Another interesting thread was started last week by Felix Quansar from PRC, MYC4’s sole provider in Ghana. He updates on the current instability of the Ghana Cedi and talks of a phenomenon known as the dollarization of the Ghanaian economy:
Ghanaians have adopted the US Dollar as the preferred currency in most of their internal transactions, local prices are quoted in US Dollars and leading to sudden upsurge of U S dollar and rendering the Ghana Cedi weak.
Presently, one would require appropriate documentation to purchase the foreign currency; the process has been quite restrictive therefore causing considerable delays in foreign currency transactions. This has also affected our weekly foreign currency and transfer transactions causing backlog.
To join the conversation or to read Felix’s full post, go to the Investor Forum here: Dollarization of Ghanaian Economy.