“Dropping a Few Zeros Will Increase Consumer Confidence” - President Kufuor
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Ghana, Accra - Appalled by his counterparts’ apparent inactivity in regards to Zimbabwe’s worsening economic demise, President J.A. Kufuor hopped onto the nation’s only approved aircraft for flight and paid an impromptu visit to the Czar of Africa, Robert Mugabe.
Sitting to tea, Mr. Kufuor explained to Mr. Mugabe how to fix the nation’s problems.
“I suggest you do what we just did successfully in Ghana,” said president Kufuor. “We redenominated our currency. The cedi used to be considered weak, but after knocking off a few zeros, it’s perceived as right up there with the dollar, in terms of strength…at least to the jokers who make up my cabinet.”
Prior to June of 2007, the exchange rate for the Ghanaian cedi to the US dollar was 9300:1. However, after the redenomination took effect, the cedi took on a robust appearance of 1 cedi to $0.98. Inflation is still 10%, but at least the citizens of Ghana do not have to carry sacks of currency to market to purchase, say, an egg.
“Quite frankly, Robert, I’m surprised that no one has suggested this to you before,” confided Kufuor. “It’s a multi-faceted boon for the economy and for morale. When people have to carry around less cash to make daily transactions, they’re just happier. And right now, your folks are using wheelbarrows to conduct business.”
Mr. Mugabe nodded his head in understanding.
“But how can I do these things you speak of?” he asked his colleague.
Mr. Kufuor furrowed his brow.
“Because you are the bloody president of a bloody country,” he said in measured tones. “Truth be told, the same holds true for the inflation rate. Just knock off a few zeros, and declare revival in the economy. Let’s not forget, your currency is also called the dollar (ZWD). You have the tools man, use them!”
Zimbabwe’s inflation rate is 7600%, as of September, 2007.
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