Dr. Cadman Atta Mills, brother of the late President John Evans Atta Mills and a respected economist, has shared his thoughts on the current exchange rate of the Ghanaian cedi. His comments come after several Ghanaians praised the recent improvement in the cedi’s value against the US dollar.
As of now, the dollar is being exchanged at around 13 cedis. Many people see this as a major achievement for the country’s economy, especially under the current leadership.
One of Ghana’s well-known journalists, Manasseh Azure Awuni, made a post on X (formerly Twitter) on Wednesday, 7th May, 2025, hinting that a strong exchange rate reflects strong economic fundamentals.
Manasseh wrote: “If the fundamentals are strong, the exchange rate will extol you,” referencing a popular quote from Vice President Dr. Mahamudu Bawumia during his days in opposition.
However, Dr. Cadman Atta Mills replied with a strong message. According to him, a good exchange rate does not always mean a country’s economy is doing well. In his response, he said:
“But if the exchange rate extols you, it does not necessarily mean that your fundamentals are strong. It could mean that the fundamentals of your trading partners are weaker still (as in Trump’s ill-advised tariff war).”
Dr. Mills’ comment suggests that other factors can also affect the value of the cedi. Sometimes, it may not be because Ghana’s economy is strong, but because other countries are facing bigger problems.
This exchange between Manasseh and Cadman has sparked discussions on social media about what really makes an economy strong.
