The Ghanaian cedi’s recent show of strength against the U.S. dollar has stirred political debates and economic curiosity, but analysts suggest that this appreciation is part of a broader global currency trend — not necessarily the result of domestic economic policies.
Many are pointing to recent moves by former U.S. President Donald Trump, including renewed tariff discussions and uncertainty around his political comeback, as global market-shifting events causing the dollar to weaken. This, in turn, has allowed many currencies, including the cedi, to gain temporary strength.
Despite this uptick, the fundamental structure of Ghana’s economy remains largely unchanged. Observers note that this mirrors a similar moment in 2017 when the newly elected New Patriotic Party (NPP) government claimed to have “arrested the dollar,” a statement famously made by Vice President Dr. Mahamudu Bawumia. Yet, the dollar surged back months later, as structural economic reforms were not firmly implemented.
Now, under former President John Dramani Mahama’s potential comeback trail, similar optimistic declarations are being made. Within 120 days, his camp touts progress, yet tangible measures to reinforce the cedi’s value structurally remain absent.
Economists caution against premature celebration. “This isn’t the result of any fiscal discipline or export boom. It’s purely a global reaction to the uncertainty around U.S. economic policy — especially Trump’s tariffs,” said an Accra-based currency analyst.
As currencies from Asia to Africa momentarily gain ground on the greenback, the question remains: what will Trump do next, and how long will this window last for economies like Ghana’s?
Without genuine structural reforms and export-led growth strategies, the cedi’s current momentum could be short-lived — a temporary shine in the shadow of global currency politics.
source: www.nsemgh.com
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