Member of Parliament for South Dayi, Rockson-Nelson Dafeamekpor has said the current trend of rise of the Cedi against the dollar is due to deliberate policies instituted by government.
Dafeamkepor believes that Finance Minister, Dr. Cassiel Ato Forson and Governor of the Bank of Ghana, Dr. Johnson Asiama should be credited for the quick rise in the dollar against the cedi.
Although he acknowledges that the US tariff has contributed to the current trend in the cedi appreciation, the legislator says government has initiated policies to contribute to the cedi’s appreciation.
“This is not happening whimsically. It is taking very deliberate policies and programmes. Now you have a new governor and the finance minister and his team who are spending sleepless nights fashioning top class policies to make sure that we start on healthy note and people are saying external factors, I agree. But when Trump withdrew the US Aid we lost $200 million, it could have done something for the Cedi, it hasn’t come in , we had to go and look for that money.
“What is happening is actually two smart guys, Dr. Ato Forson and Dr. Asiama sitting down and listening to other smart guys they have put together and they are working. I think that’s where the credit should go,” he explained.
Speaking on TV3’s Key Points, May 14, 2025 Dafeamekpor said Dr. Ato Forson and Dr. Asiama must be commended for the cedi’s appreciation.
Meanwhile, Financial Analyst Joe Jackson has said external factors like the reduction in oil prices on the global market and the US tariff have significantly impacted the rise in the Cedi against the dollar.
Joe Jackson explained that the US trade war has led to the depreciation of the dollar against all other trading currencies, leading to a significant reduction in oil prices on the global market.
He noted that this has led to less pressure on the Ghanaian cedi as more dollars will no more be needed to import fuel, one of the biggest imports for Ghana.
Speaking on TV3’s Key Points, May 17, he noted that the dollar depreciation on the market has caused investors to turn to Gold which is one of Ghana’s natural resources that we export, the reason there has been a sharp increase in our export of gold from the beginning of this year and now strengthening our cedi.
“External factors have been good to Ghana and we have put ourselves in a position where we can take advantage of the external factors and it is very important to appreciate both sides if the divide.
“The Trump tariff war has had three effects on us. One, the dollar has depreciated against all major trading currency.
“Because of that war and Trump wanting the price of crude oil to be low as $40 per barrel, that means that the single biggest import for this country which is fuel product where we are importing $400 million a month, the cost of that has come down so there is less pressure on the cedi.
“The price of oil has also been falling. This same instability global cause has meant that investors have move their dollars from other currencies into Gold because they want somewhere safe,” he stated.
