The conversion scam

In 1980, I undertook my first -- and last -- visit to Ghana, the country once known as Gold Coast because it had huge deposits of the yel...

In 1980, I undertook my first 8212; and last 8212; visit to Ghana, the country once known as Gold Coast because it had huge deposits of the yellow metal. They probably still have some left 8212; despite all the plundering by the Europeans 8212; but now, like so many others ravaged by the neverending hunger of the rich, this nation too is on the dole. Strange are the ways of the powerful; first strip a country of all its resources, make its citizens helpless and dependent and then give them aid.

The irony of this 8220;aid business8221; doesn8217;t end here. A big chunk of the total package gets spent on administrative costs, salaries and perks of the international civil servants involved in the noble cause. What is left primarily supports the economies of the donor nations. The real recipients 8212; the wretched poor for whom the money was originally intended 8212; usually end up with only a trickle, never more than 10 per cent of the original sum!Anyway, back to Ghana and my trip to the capital Accra. I had been

forewarned aboutthe premium on foreign currency. In the arrival lounge 8212; or shed 8212; the custom officers8217; insistence that I exchange a minimum of 100 for each day of the proposed stay put my hackles up. We haggled and finally I got away by exchanging only 200. Promptly, 560 Cedis 8212; the local currency 8212; was given to me. I was surprised that they hadn8217;t even charged any commission.

As soon as the ramshackle cab moved out of the airport, the young driver turned to me and literally started begging for 8220;some dollars8221; which 8220;he needed desperately to buy spare parts for the car8221;. I was promised a 8220;good rate8221; and at the motel the kid even picked up my suitcase, offering to help me into the cottage. I was suspicious but gave in to his insistent cajoling. I made an excuse that I was carrying mostly travellers cheques and could give him only 50 in cash. The youngster seemed overjoyed; he grabbed the note and, after thanking me repeatedly, counted some money and placed it on the table. 8220;Please don8217;t ask for more. I8217;m verypoor,8221; were his parting words.

It was only after he8217;d left that I counted the notes. I was surprised to find 300 Cedis. So, there was so much difference in the official and market rates of exchange. The guy at the airport had given me 2.5 Cedis to the dollar and this 8220;poor8221; chap had voluntarily left six! I was already making plans for the money I would save on this trip.

Next morning I touched base with Vinod Dhawan, an Indian from Agra whose address was given to me by a common friend back home. We made plans to meet later; before hanging up Vinod warned me not to exchange any money. 8220;They8217;ll rip you with the official rate. In the market you can get over 15 Cedis to the dollar.8221; 8220;Fifteen, did you say?8221; 8220;Yes sir, even more. In any case you don8217;t have to bother. I8217;ll send some money through the driver. We can settle when you are leaving.8221;

I didn8217;t have to spend many dollars during my four-night stay. Everything was so 8220;cheap8221;. Of course, there wasn8217;t much to be bought except some shoddysouvenirs and cocoa. Cocoa, along with gold, is their other major produce. Once again the corrupt system of agents ensures that the country earns very little for this bounty of nature.

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Before driving back to the airport on the last day, I spoke with Vinod. 8220;Hope you8217;ve spent all your Cedis?8221; he asked. 8220;Why, I8217;ll have about a 1,000 left after the taxi fare. I8217;m going to change them back to dollars and make a killing,8221; I gushed. 8220;You8217;ve a hope in hell. They don8217;t do any reverse conversion here. Anyway, just give it to the bell boy or the cabby or take it home to use as wall paper. Even the guys at the airport will want their tip in dollars 8212; not this funny money.8221;

The Cedis later dropped to over 40 per dollar, before the military junta took over power in the country.