Kennedy Agyapong exposes NDC and NPP over cedi appreciation
Popular Ghanaian businessman and politician, Kennedy Agyapong, has shared his views on the recent appreciation of the Ghana cedi against the US dollar, saying the improvement has nothing to do with local government policies but is instead driven by global economic events.
Speaking at a public event recently, Mr. Agyapong dismissed suggestions that either the NPP or the NDC should take credit for the strength of the cedi. He explained that the shift is largely due to reduced global demand for the US dollar, which is being influenced by foreign economic strategies, especially those of former U.S. President Donald Trump.
“Today, we are all talking about the dollar. I hear it on the news every day,” Agyapong said. “But if the economists will speak the truth and not play politics with the situation, they will admit that it’s not the NPP government or NDC government that is causing the dollar to fall. It is bigger than Ghana — it’s global.”
Why the Dollar Is Weakening – Agyapong’s Explanation
Mr. Agyapong explained that the global demand for the US dollar has dropped. According to him, many investors and countries around the world are no longer rushing to buy the dollar like they used to, and that is affecting its value on the international market.
“It is Trump and his policies towards the rest of the world’s economy,” he said. “People are not demanding dollars as much as expected, so the dollars are sitting there. There’s less demand, and when demand goes down, value also goes down.”
He also linked the situation to the ongoing economic rivalry between the U.S. and China. According to him, many global markets are now turning their attention to China and other emerging economies, which has made the dollar less attractive.
“America is in competition with China. Because of that, the dollar is no longer the first option for many. And that’s affecting its strength. So it’s not any local policy that has made the cedi stronger — it is just the global shift,” he stressed.
Agyapong Warns: Don’t Be Fooled, the Gains Are Temporary
Kennedy Agyapong was clear in his warning: Ghanaians should not be deceived into thinking that the recent cedi strength is the result of successful domestic policies. He believes the gains are temporary and not backed by any strong local economic reforms.
“Whatever we are seeing today is not sustainable. If Trump comes back to power and the global economic direction changes again, you’ll see that we didn’t implement any serious policies here in Ghana to control the dollar. The cedi will go back to where it was,” he said.
He urged the public to stay realistic and informed, warning against being swayed by politicians who want to score points by claiming credit for things that are out of their hands.
“These things are basic economic principles. If supply is more than demand, prices go down. Right now, there’s more dollar supply than demand, so naturally, the dollar is going down,” he explained. “No Ghanaian economic expert has done any magic here.”
Don’t Politicize the Economy – Agyapong Advises
In his usual candid manner, Mr. Agyapong advised both politicians and economists to stop using the economy for political propaganda. He said the current discussion on the exchange rate must be based on facts and global understanding, not partisan spin.
“We have to be careful with what people are saying about interest rates, exchange rates, and inflation. The truth is, the global economy is shaking. The world economy is falling apart, and that’s what is affecting us here in Ghana too,” he noted.
Mr. Agyapong added that Ghana’s economy is still fragile, and the country must work hard to create its own internal economic strength, instead of relying on external factors to bring short-term relief.
Public Reaction to Agyapong’s Comments
Kennedy Agyapong’s remarks have sparked conversation among many Ghanaians. While some agree with him that global forces are the major cause of the dollar’s recent drop, others argue that government policies, such as efforts by the Bank of Ghana to stabilise the currency and reforms under the IMF programme, are also playing a role.
Some economic analysts have stated that although global demand for the dollar plays a part, local confidence in Ghana’s economy, foreign inflows from Eurobonds, gold-for-oil transactions, and remittances also help strengthen the cedi.
But Kennedy Agyapong remains firm in his belief that external global shifts are the real reason behind the cedi’s current performance.
Background: Ghana’s Currency Woes and Recent Gains
Over the past few years, the Ghanaian cedi has faced serious challenges, especially in 2022 and 2023, when it was described by Bloomberg as one of the worst-performing currencies in the world. At one point, the exchange rate climbed to GH¢15 to $1, causing panic among businesses and importers.
However, in early 2025, the cedi has seen some stability, trading between GH¢10 and GH¢12 to $1, depending on the market.
This sudden improvement has led to praise from some government officials who believe recent policies are working. But critics like Agyapong argue that it’s too early to celebrate and that the real cause lies outside Ghana.
Conclusion: A Call for Realism in Economic Discussions
Kennedy Agyapong’s comments serve as a wake-up call for many Ghanaians not to be carried away by political claims about the economy. He believes external global forces, especially those tied to U.S. politics and shifting demand for the dollar, are driving current changes — not magic policies from Accra.
“Let us stop the politics and speak the truth. If the world changes tomorrow, we will see that we didn’t do anything extraordinary. That’s why we must focus on building a strong local economy that doesn’t depend on luck or foreign markets.”
As Ghana continues to navigate a challenging global economic environment, many are watching closely to see whether the cedi can maintain its current strength — or whether Agyapong’s warnings of temporary gains will soon become a reality.