Financial analyst and economist Scott Bolshevik has tackled Kennedy Agyapong a former member of Parliament and flagbearer aspirant of the New Patriotic Party (NPP) after he boldly stated the recent appreciation of the cedi was due to the global economy.
Scott Bolshevik, known for his constant analysis of issues relating to Ghana on social media platform X, particularly on the Ghanaian economy stated that If the global economy were truly collapsing, the cedi would be sinking, not rising.
The financial analyst and economist in a post on X stated, “ Kennedy Agyapong says the world economy is crashing that’s why the cedi is strong. This is the same man who said Ghanaians should sing Heal the World to fix the economy. Even my great-grandmother wouldn’t say that.
If the global economy were truly collapsing, the cedi would be sinking, not rising”.
He further detailed that global GDP growth (World Bank): 2.7%, Emerging markets growth: 3.7%, US markets: S&P 500 and Dow Jones near record highs, Global inflation is falling, and Manufacturing is rebounding strongly post-COVID.
He noted that if the Ghanaian cedi is strong under these conditions then the Mahama-led government is doing something right or at least riding favourable global trends.
“A strong cedi under these conditions would mean the government is doing something right or at least riding favourable global trends. But don’t call global growth a crash”, Scott Bolshevik added.
His comments come after Kennedy Agyapong 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”.
See the post below:
Kennedy Agyapong says the world economy is crashing that’s why the cedi is strong. This is the same man who said Ghanaians should sing Heal the World to fix the economy. Even my great-grandmother wouldn’t say that.
If the global economy were truly collapsing, the cedi would be… pic.twitter.com/en8I2k2u9h
— Scott (@scottbolshevik) May 16, 2025
