If the Cedi is appreciating because of USA trade war, why is the Naira depreciating? – Yayra Koku quizzes

Yayra Koku is the Acting Executive Secretary of the National Identification Authority (NIA). She questioned claims that the Ghanaian cedi is appreciating due to the USA trade war.

Koku asked why the Naira is depreciating if this is true. She wondered if the Naira is not affected by the trade war.

The Ghanaian cedi has been gaining against major currencies, especially the US dollar. As of May 8, 2025, it trades at GH¢13.4 to one dollar.

Dr. Cassiel Ato Forson, the Finance Minister, stated that this appreciation will last. He emphasized that it is not just a temporary change.

Ato Forson urged businesses to adjust their prices as the cedi improves. He said GUTA should support this effort for Ghanaians to feel recovery.

The Ghana Union of Traders’ Associations (GUTA) praised the Bank of Ghana's efforts. They believe these measures have restored confidence in the cedi.

In a statement, GUTA noted that this brings hope to businesses recovering lost capital. They also mentioned improved predictability in foreign exchange rates.

GUTA called on authorities to maintain these prudent measures for economic recovery. Sustaining these gains could help make businesses competitive and lower living costs.

Meanwhile, Alexander Afenyo Markin, Minority Leader in Parliament, commented on cedi stability. He claimed it results from reduced government spending since Mahama took office.

Markin argued that contractors are unpaid and liquidity is low in the economy.

See Yayra Koku's post below:

"If the Ghana Cedi is appreciating against the Dollar because of USA Trade war, why is the Naira depreciating against the Dollar? Or they are not affected by the USA trade war? I’m confused."