The Member of Parliament for Bolgatanga Central and a Board Member of the Bank of Ghana, Isaac Adongo, has noted that attributing the appreciation of the Ghana cedi to external factors, such as the trade wars in the US, is "ignorance".

According to him, the performance of the dollar in the US has no direct correlation with the performance of the cedi in Ghana.

He explained that the gains being recorded are largely due to measures being implemented by the government.

Speaking in a JoyNews interview on May 14, 2025, he said, "Let me tell you how ignorant that is."

"You see, your currency, the cedi, is a function of liquidity. So, if a dollar is sold, one cedi is sold for one cedi in the United States, but it doesn't feed into your economy. For the people who need the dollar in Ghana to buy it at one cedi, it's going to do that."

Adongo added that due to the actions of the previous government, it has become highly impossible to attract forex, therefore, the performance of the dollar does not imply that the cedi will perform better.

"One cedi over there is meaningless. And we are having an economy at the moment where, thanks to Bawumia's people, we cannot even attract that forex into our economy through borrowing. Okay, so whether a dollar is going down in America or Japan, of what relevance is it to the man who needs a dollar in Ghana to go and buy things from abroad? It is about liquidity," he added.

The Bolga Central MP further said he cannot estimate how much the dollar will gain.

"You see, technically, professionally, it's never done that you set a goal variable for the depreciation of a currency. You know why? The reason for even appreciation, you don't set. The reason is that, like I said, it is not Ghana cedi you are managing. You are managing the US Dollar. You are managing the European euro, which is also exposed to the European economy. And you are managing the British pound, also exposed to the British economy, and the Japanese yen.

"So, because of that, you are not able, as your country, to say that I can predict. But you cannot say that by the end of the year, my cedi must depreciate by 10%," he said.

SSD/AE

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