The cedi would be sinking if the global economy were collapsing – Economist tackles Ken Agyapong

Financial analyst Scott Bolshevik has responded to Kennedy Agyapong. Agyapong is a former MP and NPP flagbearer aspirant. He claimed the cedi's recent appreciation is due to the global economy.

Bolshevik, active on social media platform X, disagreed with Agyapong. He stated that if the global economy were collapsing, the cedi would be falling, not rising. In his post, he criticized Agyapong's previous suggestion for Ghanaians to sing "Heal the World" to improve the economy.

Bolshevik shared data from the World Bank. Global GDP growth is at 2.7%. Emerging markets are growing at 3.7%. The S&P 500 and Dow Jones are near record highs. Global inflation is decreasing, and manufacturing is recovering strongly after COVID.

He emphasized that a strong cedi indicates positive government actions or favorable global trends. However, he cautioned against calling global growth a crash.

Agyapong had previously stated that the cedi's appreciation isn't due to Ghanaian economic experts. He believes it is temporary and linked to reduced demand for dollars in the world market.

At an event on May 15, 2025, Agyapong explained this further. He said there’s less competition for dollars now because supply exceeds demand. He warned against misinterpreting interest rates and other economic factors as magic solutions.

In summary, both analysts have differing views on the reasons behind the cedi's strength amidst global economic conditions.