It would be foolish to link cedi appreciation to Trump – Dr Nii Moi Thompson fumes

Chairman of Ghana’s National Development Planning Commission, Dr Nii Moi Thompson, has dismissed suggestions that the recent appreciation of the Ghanaian cedi is solely due to the economic policies of US President Donald Trump.

Speaking at the Gender Equitable and Transformative Social Policy for Africa (GETSPA) conference at the Ghana Academy of Arts and Sciences, Dr Thompson acknowledged that while global developments – including US economic policy – may influence exchange rates, Ghana’s recent currency gains are largely the result of domestic policy measures.

He said:

Some say we are gaining because of Trump’s policies in the US – Trump doesn’t even know where Ghana is.

It would be foolish to ascribe everything to Trump. There may well be some element of the US dollar weakening, but that cannot explain everything. We must also take credit for our own efforts – fiscal discipline by the Ministry of Finance, monetary tightening by the Bank of Ghana, and the removal of excess liquidity from the system.

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Dr Thompson commended both the Finance Minister and the Governor of the Bank of Ghana for stabilising the cedi and creating the conditions for its appreciation. He proposed the introduction of a trading band to allow the currency to fluctuate within a predictable range, enhancing market stability.

Addressing Ghana’s debt challenges, he stressed that borrowing in itself is not harmful, provided it is guided by proper oversight and sound planning.

“Parliament must demand rigorous analysis before approving loans – including how funds will be allocated, disbursed, and monitored. Stronger institutional checks are crucial,” he emphasised.

He also highlighted that well-managed domestic debt can fuel infrastructure development and create employment opportunities.

The conference, under the theme “The Global Debt Crises and Transformative Social Policy in Africa,” also featured Prof Dzodzi Tsikata, Principal Investigator of GETSPA and Distinguished Research Professor at SOAS University of London. She underscored the need for African economies to look beyond GDP and prioritise inclusive social policies focused on job creation and fair wages.

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Other speakers included Hon Dr Agnes Naa Momo Lartey, Minister for Gender, Children and Social Protection; Dr Paschal Ajongba Kaba, Deputy General Secretary of GAWU; along with researchers presenting studies from Ethiopia, Malawi and Ghana.

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