Kennedy Agyapong a former member of Parliament and flagbearer aspirant of the New Patriotic Party (NPP) has boldly stated the recent appreciation of the cedi against the US dollar is not due to any economic gurus in Ghana.
According to Kennedy Agyapong, the recent cedi appreciation is just temporal.
He asserted that the cedi is appreciating because the world market is not demanding the dollar as it used to.
Speaking at the Entrepreneurship and National Leadership event held at Central University on Thursday, May 15, 2025, Kennedy Agyapong stated, “It is temporal, it is not any economic gurus in this country that are causing the cedi to appreciate and the dollar to depreciate.
It is the world market that is not demanding the dollars as much as they used to that is why there is no competition and the supply of dollars is exceeding the demand as simple as that”.
He added, “These are basic economic principles, so we have to be careful of what they are saying about interest rates and all those things it is not magic, it is the world economy that is falling apart and the demand for the dollar has gone down”.
Meanwhile, Isaac Adongo, a Board Member of the Bank of Ghana has stated the Bank of Ghana and the Ministry of Finance are massaging the cedi to find its true level
The member of parliament asserted that the NDC government has not arrested the cedi and the man who claimed to arrest the cedi is out there.
According to Isaac Adongo, they are gradually massaging the cedi to find its true level.
Speaking on JOYNEWS Isaac Adongo detailed, “What is happening else is an intentional policy implementation, and it is a complementary effort from the Ministry of Finance and the central bank. The central bank is doing its bit, and government, under the leadership of the Finance Minister Dr Cassiel Ato Forson, is also doing its bit, so the two of them are collaborating.”
“This is an initial remedy to give Ghanaians some relief, whilst the fruit that we really want to bear is to tackle head-on food inflation,” Hon Adongo added.
He added, “No, we have not arrested the cedi. The man who arrested it is out there,”
“What is happening to the cedi now is that we are gradually massaging it to find its true level.”
“We are trying to let them know: ‘Hey, we are in Ghana now. Akufo-Addo is gone… Bawumia is gone. It is now Ato Forson and John Mahama. If you misbehave, we’ll deal with you.’ And they are beginning to say, ‘Yes sir, yes sir.’ That’s what we are doing”
“What we are looking for is stability, not a quantum jump of the cedi from ¢15 cedis to ¢3. What we are doing now is to get the cedi to find the level that supports the economy,” Isaac Adongo indicated.
Watch the video below:
“The cedi’s appreciation against the dollar is temporary, and it is not due to any economic gurus in Ghana. Rather, it is because the global market is not demanding the dollar as it used to. These are basic economic principles.”
— Hon. Kennedy Agyapong pic.twitter.com/HfdArYXaG5
— EDHUB🌍ℹ (@eddie_wrt) May 15, 2025
