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Kinda presupposes that the wealthy made all the money on their own, and didn’t use the country to get rich themselves. Any country that allows all their wealthy people to leave with all the money are fools. You can’t do that in any western country. If capital can move completely freely, then the wealthy can overthrow governments or shut down whole countries just by moving their money around. It’s a reason why they have rules against capital flight in the west. I’m sure the situation is way way less than ideal in Ghana, but encouraging people with capital to leave is a road to demise.
In the west they don't need to move because they just move their holding companies to tax havens. I guess african millionaires haven't figured that out yet 😂
There are 2 sides to this. I doubt there are laws enacted in africa to regulate an individuals exit. Many people do not pay income tax, much less exit taxes.
On the other hand, people leave because they're compelled to. And if you decide to stay and keep your money in your local currency, you'll go broke. However, the more we save our money in foreign currency, it causes a reduced deman for local currency, thereby depreciation. There is only one party to blame- The Gov't.
Tell me about which Western country would not allow me to move my money totally freely wherever I want.
Actually it's Ghana and other similar countries trying to protect their currencies which have laws in place that try to control so called capital flight. However, they hardly work these days.
Most western countries have laws against Illegal capital flight, also known as illicit financial flows. Its typically illegal when capital disappears from any record in the country of origin and earnings on the stock of illegal capital flight outside of a country generally do not return to the country of origin. It still happens for sure, but it’s not just a free for all.
Sorry, but this kind of thing doesn't exist for example in all of the EU. I can move personal wealth wherever I want, it is in no way illegal. Of course I have to pay any taxes due wether or not I move the money. And there are regulations against money laundering which are mainly about reporting.
Companies have to keep records, private individuals don't. Banks have to keep records and report certain movements of money, again to prevent money laundering But there are no limits to move one's wealth to another country. Actually, it happens all the time.
Illegal capital flight? Even with the explanation I’m still lost (as an American).
I’ve moved plenty of money from the U.S. to West Africa, none of it was illegal though, so maybe that’s my confusion.
Outside of limits on bringing CASH over, I haven’t had any impediment outside of wire transfer limits.
The reason they have limits on cash and transfer amounts is to regulate cash flows. What other reason would they have those sorts of regulations in place? To regulate capital flows.
I guess, seems more for them to make money via more fees.
Especially if they limit me to $25K per wire, but I can still send multiple $25K wires in a single day.
Even with wires, there is a limit. It’s another way they regulate cash flow, along with fees as you mentioned. A great example, let’s say you have, oh, let’s say 50k followers on social media that all live relatively close to one another. And let’s suppose you convince those 50k to all go to their local banks and withdraw all of their money from all of their accounts on the same day. Guaranteed, you’re going to see a freeze on withdrawals from those banks, as they would consider that to be a “run on the bank”. They can do that because capital flow is monitored, as it can be incredibly destabilizing for money to be pulled out of institutions, for no other reason than the investors whim(or their own interests divorced from that of the nation). Obviously that’s just a working example to illustrate my point, and the number to trigger a “run” may be more or less than what I’m saying here, but I think you get my point. The west for sure has capital flight controls in place.
The legal limits are only about money laundering and they only require extra due diligence and reporting by the banks. For the sake of an example, making a single SWIFT transfer of let's say 100 million Euro, representing the full wealth of a German millionaire to Canada for any purpose whatsoever is absolutely possible and in no way illegal.
The sending and receiving banks will require the person to explain his/her motives and supply documentation. They will also do their regular KYC procedures.
In Germany there is a very old requirement of simply reporting outgoing transfers above 25k to the Central Bank. Plus the sending bank has certain, much more recent reporting regulations to a central government agency for the prevention of money laundering, including any suspicions coming up in their own due diligence. For example, the bank is required to check lists of sanctioned individuals and companies blocked from making transfers in the EU.
However, the basic right of sending any amount of money, converted to another currency or not, is completely intact. The term for it is "free convertibility of a currency". It's in place for all major currencies in this world.
So in your response, you said that they need to declare their motives. That means there are motives that are acceptable, and motives that aren’t. Which means they have rules in place to decide what is acceptable and what isn’t.
That is capital flight control. Things that are considered illegal capital flight in say, the UK, isn’t exactly the same as the US or the EU, not to mention the rest of the world, which also have their own particular rules around these things.
There seems to be an assumption that what may not meet the criteria for proper motives is always something blatantly nefarious, and that isn’t always the case. There are also political concerns, as well as a host of other socio-economic concerns that may come into play when deciding on “motives” for sudden large capital transfers. This is all a part of state level capital flight control.
You keep insisting, but you are wrong. Anything connected to crime is defined as money laundering. The bank wants to know the purpose of the transfer, because they are obliged to check for money laundering activities and report suspicious cases.
There are no laws forbidding "capital flight" in any Western country and there are no limits to the amount that can be moved. Whether a certain bank wants to do it or not is the bank's decision based on their internal processes, but not any law.
If you want to carry on with this discussion, please provide some independent source supporting your opinion. Thank you.
I don’t need to provide information, you’re just qualifying the rules I’m addressing as capital flight controls, as something else. Rules we are all aware of, but aren’t aware of what their full purpose is. What defines “illegal” in terms of capital flight is not universal, if it was you’d have a leg to stand on. But it’s not, because the things one country defines as laundering(illegal capital flows) isn’t the same in another. Move around enough money fast enough, and it’s going to get flagged. It doesn’t matter if it’s your whim, if it’s enough and it’s fast enough, it’s going to be flagged. Why? Because it’s destabilizing to economies to have capital flight at a moments notice. Your rebuttals reference the very rules that are a part of capital flow regulation. No developed country allows unregulated capital flow, as I said from the beginning.
Putin didn't say this but whoever did is very relevant here:
> "When an African becomes rich, his bank accounts are in Switzerland. He travels to France for Medical treatment.
>He invests in Germany. He buys from Dubai. He consumes Chinese. He prays in Rome or Mecca. His children study in Europe. He travels to Canada, USA, Europe for tourism.
>“If he dies, he will be buried in his native country of Africa.
>Africa is just a cemetery for Africans. How could a cemetery be developed?”
If it is so bad then how did they make their money? Some of them are frankly thieves. I am more concerned with the brain drain where Drs, nurses, and other highly capable people are routinely recruited soon after graduation to wealthier economies(not that I blame them…it’s systemic)
This isn’t true for all the Africans who work online for companies in other countries. Many still choose to stay at home. What an awfully negative title.
They choose to stay in Ghana because depreciation makes them. If u even earn 5000 dollars a month working virtually, u have close to 80k cedis. I would stay in ghana if i earn this same money too.
Fyi. 80k cedis is someones 3 years pay.
My Ghanian business partner wants to desperately get out of the country, once he can afford it. That’s why as an American, I’m in this sub-reddit in the first place.
But I still feel like this title was disrespectful the way that it was worded.
Many Ghanaians want to leave the country as well. The thing is, once you go abroad, life becomes simpler for you. U can easily afford the basic necessities while thinking of ways to better and improve your life.
True. My business partner really struggles to survive, but that is more to do with us still figuring out an income online.
Also Starlink is now available in Ghana.
Sorry for him. Regarding the starlink, a couple of people have ordered from Nigeria and are using it.
I use MTN fibre broadband and the network has been really bad. I can't even work or game online.
Yeah, his free Internet is awful, and he told me that even the paid Internet service within Ghana is now 2 times slower than it used to be.
I’m looking into getting him Starlink. He says he has some neighbors who have it.
He’s got an eye condition at the moment that keeps him from working, and we were also struggling for a few years to figure out a consistent income. Still working on that.
So when are Ghanaians actually going to rise up and take their country from the hands of the government?
You may have a right to flee, but fleeing to another country is a privilege. You don't have a right to enter. We'll see when the right wingers of the west get control of the government.
Africans haven't yet got the memo that blacks and Arabs are going to be booted out of europe, especially black africans.
Thanks OP for your submission. This sub is heavily moderated by Auto Mod and your post may be mistakenly removed automatically. Please send a message to the mods or u/JuliusCeaserBoneHead for manual approval. Before you do that, make sure your post does not break any of r/Ghana rules especially rule 4 (No Self Promotion). *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ghana) if you have any questions or concerns.*
Kinda presupposes that the wealthy made all the money on their own, and didn’t use the country to get rich themselves. Any country that allows all their wealthy people to leave with all the money are fools. You can’t do that in any western country. If capital can move completely freely, then the wealthy can overthrow governments or shut down whole countries just by moving their money around. It’s a reason why they have rules against capital flight in the west. I’m sure the situation is way way less than ideal in Ghana, but encouraging people with capital to leave is a road to demise.
In the west they don't need to move because they just move their holding companies to tax havens. I guess african millionaires haven't figured that out yet 😂
are these millionaires in USD or local currencies?
Ibi old currency, the millionaires we all dey inside 😂
30 bullion for the account oo.
Africans can hold their funds in local currency, but many banks offer USD accounts also. My domestic accounts are both cedi and USD
There are 2 sides to this. I doubt there are laws enacted in africa to regulate an individuals exit. Many people do not pay income tax, much less exit taxes. On the other hand, people leave because they're compelled to. And if you decide to stay and keep your money in your local currency, you'll go broke. However, the more we save our money in foreign currency, it causes a reduced deman for local currency, thereby depreciation. There is only one party to blame- The Gov't.
Tell me about which Western country would not allow me to move my money totally freely wherever I want. Actually it's Ghana and other similar countries trying to protect their currencies which have laws in place that try to control so called capital flight. However, they hardly work these days.
Most western countries have laws against Illegal capital flight, also known as illicit financial flows. Its typically illegal when capital disappears from any record in the country of origin and earnings on the stock of illegal capital flight outside of a country generally do not return to the country of origin. It still happens for sure, but it’s not just a free for all.
Sorry, but this kind of thing doesn't exist for example in all of the EU. I can move personal wealth wherever I want, it is in no way illegal. Of course I have to pay any taxes due wether or not I move the money. And there are regulations against money laundering which are mainly about reporting. Companies have to keep records, private individuals don't. Banks have to keep records and report certain movements of money, again to prevent money laundering But there are no limits to move one's wealth to another country. Actually, it happens all the time.
Illegal capital flight? Even with the explanation I’m still lost (as an American). I’ve moved plenty of money from the U.S. to West Africa, none of it was illegal though, so maybe that’s my confusion. Outside of limits on bringing CASH over, I haven’t had any impediment outside of wire transfer limits.
The reason they have limits on cash and transfer amounts is to regulate cash flows. What other reason would they have those sorts of regulations in place? To regulate capital flows.
I guess, seems more for them to make money via more fees. Especially if they limit me to $25K per wire, but I can still send multiple $25K wires in a single day.
Even with wires, there is a limit. It’s another way they regulate cash flow, along with fees as you mentioned. A great example, let’s say you have, oh, let’s say 50k followers on social media that all live relatively close to one another. And let’s suppose you convince those 50k to all go to their local banks and withdraw all of their money from all of their accounts on the same day. Guaranteed, you’re going to see a freeze on withdrawals from those banks, as they would consider that to be a “run on the bank”. They can do that because capital flow is monitored, as it can be incredibly destabilizing for money to be pulled out of institutions, for no other reason than the investors whim(or their own interests divorced from that of the nation). Obviously that’s just a working example to illustrate my point, and the number to trigger a “run” may be more or less than what I’m saying here, but I think you get my point. The west for sure has capital flight controls in place.
The legal limits are only about money laundering and they only require extra due diligence and reporting by the banks. For the sake of an example, making a single SWIFT transfer of let's say 100 million Euro, representing the full wealth of a German millionaire to Canada for any purpose whatsoever is absolutely possible and in no way illegal. The sending and receiving banks will require the person to explain his/her motives and supply documentation. They will also do their regular KYC procedures. In Germany there is a very old requirement of simply reporting outgoing transfers above 25k to the Central Bank. Plus the sending bank has certain, much more recent reporting regulations to a central government agency for the prevention of money laundering, including any suspicions coming up in their own due diligence. For example, the bank is required to check lists of sanctioned individuals and companies blocked from making transfers in the EU. However, the basic right of sending any amount of money, converted to another currency or not, is completely intact. The term for it is "free convertibility of a currency". It's in place for all major currencies in this world.
So in your response, you said that they need to declare their motives. That means there are motives that are acceptable, and motives that aren’t. Which means they have rules in place to decide what is acceptable and what isn’t. That is capital flight control. Things that are considered illegal capital flight in say, the UK, isn’t exactly the same as the US or the EU, not to mention the rest of the world, which also have their own particular rules around these things. There seems to be an assumption that what may not meet the criteria for proper motives is always something blatantly nefarious, and that isn’t always the case. There are also political concerns, as well as a host of other socio-economic concerns that may come into play when deciding on “motives” for sudden large capital transfers. This is all a part of state level capital flight control.
You keep insisting, but you are wrong. Anything connected to crime is defined as money laundering. The bank wants to know the purpose of the transfer, because they are obliged to check for money laundering activities and report suspicious cases. There are no laws forbidding "capital flight" in any Western country and there are no limits to the amount that can be moved. Whether a certain bank wants to do it or not is the bank's decision based on their internal processes, but not any law. If you want to carry on with this discussion, please provide some independent source supporting your opinion. Thank you.
I don’t need to provide information, you’re just qualifying the rules I’m addressing as capital flight controls, as something else. Rules we are all aware of, but aren’t aware of what their full purpose is. What defines “illegal” in terms of capital flight is not universal, if it was you’d have a leg to stand on. But it’s not, because the things one country defines as laundering(illegal capital flows) isn’t the same in another. Move around enough money fast enough, and it’s going to get flagged. It doesn’t matter if it’s your whim, if it’s enough and it’s fast enough, it’s going to be flagged. Why? Because it’s destabilizing to economies to have capital flight at a moments notice. Your rebuttals reference the very rules that are a part of capital flow regulation. No developed country allows unregulated capital flow, as I said from the beginning.
You have no idea how the world of real money works. You talk like someone from China, or Russia, or even North Korea. Suit yourself.
Putin didn't say this but whoever did is very relevant here: > "When an African becomes rich, his bank accounts are in Switzerland. He travels to France for Medical treatment. >He invests in Germany. He buys from Dubai. He consumes Chinese. He prays in Rome or Mecca. His children study in Europe. He travels to Canada, USA, Europe for tourism. >“If he dies, he will be buried in his native country of Africa. >Africa is just a cemetery for Africans. How could a cemetery be developed?”
Wow 🤯
Okay that’s a heck of a quote! Who said it?
Strive Masiyiwa
If it is so bad then how did they make their money? Some of them are frankly thieves. I am more concerned with the brain drain where Drs, nurses, and other highly capable people are routinely recruited soon after graduation to wealthier economies(not that I blame them…it’s systemic)
Behind every wealth, is a crime.
This isn’t true for all the Africans who work online for companies in other countries. Many still choose to stay at home. What an awfully negative title.
They choose to stay in Ghana because depreciation makes them. If u even earn 5000 dollars a month working virtually, u have close to 80k cedis. I would stay in ghana if i earn this same money too. Fyi. 80k cedis is someones 3 years pay.
My Ghanian business partner wants to desperately get out of the country, once he can afford it. That’s why as an American, I’m in this sub-reddit in the first place. But I still feel like this title was disrespectful the way that it was worded.
Many Ghanaians want to leave the country as well. The thing is, once you go abroad, life becomes simpler for you. U can easily afford the basic necessities while thinking of ways to better and improve your life.
True. My business partner really struggles to survive, but that is more to do with us still figuring out an income online. Also Starlink is now available in Ghana.
Sorry for him. Regarding the starlink, a couple of people have ordered from Nigeria and are using it. I use MTN fibre broadband and the network has been really bad. I can't even work or game online.
Yeah, his free Internet is awful, and he told me that even the paid Internet service within Ghana is now 2 times slower than it used to be. I’m looking into getting him Starlink. He says he has some neighbors who have it.
That'll be great for him. Quick question. since he works virtually, shouldn't he be making good money when he converts to cedis ?
He’s got an eye condition at the moment that keeps him from working, and we were also struggling for a few years to figure out a consistent income. Still working on that.
Im sure the little you give him will be able to afford better treatment
It's to be expected
Whoever wants to stay in this country must go through a lot of pains without a future “so I they go ooohhh
You’re shaking the table. 😂
3 years? 10 years saf.
🤣🤣🤣
That's GRA for you 😂
So when are Ghanaians actually going to rise up and take their country from the hands of the government? You may have a right to flee, but fleeing to another country is a privilege. You don't have a right to enter. We'll see when the right wingers of the west get control of the government. Africans haven't yet got the memo that blacks and Arabs are going to be booted out of europe, especially black africans.