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0 A Financial Analyst and pollster, Mussa Dankwah has said that a critical analysis of US President Donald Trump’s policies may give rise to opportunities and threats being identified, especially by countries such as Ghana.
For instance, he says the Trump Tariffs may give the Goldbod an opportunity to cash in.
His comments come at a time when Gold prices went above $3,100 for the first time as US levies boost havens.
Gold is up almost 19% this year in a run that’s seen it clinch at least 15 all-time highs. The rally has been fueled by central-bank buying and haven demand amid rising geopolitical and macro uncertainties. Those drivers have supported prices even as swaps traders have pared bets on Federal Reserve easing this year to two quarter-point rate cuts. Lower rates tend to benefit non-yielding bullion.
In a post on his Facebook page, Mussa Dankwah said “Trump Tariffs may give the Goldbod an opportunity to cash in. Critical analysis of Trump policies may give rise to opportunities and threats being identified, so don’t throw your hands in despair, you think.”
In a separate post, he further wrote : “Why are gold prices skyrocketing? The answer is simple, the US stock market is in decline and investors want a safe haven until the uncertainties are over and the market returns to normalcy. Again, gold has always acted as a hedge against inflation and during high inflationary times, investors tend to gold to protect their investment.
“The current US tariff is expected to cause inflation to spike and therefore investors are proactively trying to hedge against that. In recent times, monthly movement of gold by US banks from the UK has hit £1.2 billion from monthly movement of £25 million. This is unprecedented, causing gold price to surge.
“If we can increase gold output responsibly without damaging our environment, we could capitalize on this mad rush for gold. Again, should the US hit our exports with tariff, we should not retaliate since what we export to them is largely food and they need to eat
. Should we suffer a little from drop in export, we could use the windfall in export of gold to fill the gap. Ghana should be prepared to take advantage of Trump’s policies and cash in. In every misfortune, there is a blessing.”
Meanwhile, the Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has said that Ghana must work to minimise the risk exposure posed by the decisions of the U.S Government led by President Donald Trump.
Answering questions about Ghana’s counter strategy against the effects the actions of the US President, during the 123rd Monetary Policy Committee (MPC) in Accra on Friday, March 28, he said “America is doing what America is doing and we have to do what is good for us as well.
“What is important is for us to reduce our risk exposure that emanates from any action that the US government takes.”
During the presentation of the MPC statement at the press conference, Dr Asiama noted that the global environment has become more challenging, reflecting trade and economic policy uncertainty.
President Donald Trump on Wednesday, March 26, announced 25% tariffs on all cars shipped to the United States, a significant escalation in a global trade war.
The tariffs, set to take effect on April 3 at 12:01 am ET, are aimed at expanding America’s auto manufacturing prowess. For decades, because of a free trade agreement, automakers have treated Canada, Mexico and the United States as one big country, with no tariffs among them. Although the United States is home to a significant automaking industry, Trump wants to grow it.
Speaking during the 123rd MPC press conference in Accra on Friday, March 28, Governor of the BoG Dr Johnson Asiama said that “The series of tariffs announced by the U.S. administration is evolving and may have negative effects on the global economy.”
He further stated that these developments have already triggered downgrades in Gross Domestic Product (GDP) growth forecasts in the two largest economies—U.S. and China—and in turn, global growth. In addition, the disinflation process appears to have stalled in some countries, while financial conditions remain broadly restrictive as central banks slow the pace of monetary policy easing.
“The persistence of these external headwinds may spill over to the domestic economy through the trade and financial channels, highlighting the need for policy to remain proactive,” he said.
On the domestic scene, Dr Johnson Asiama said that prices of Ghana’s major export commodities traded mixed on the international commodities market in early 2025.
He said “Gold prices crossed the US$3,000 per fine ounce on March 14, 2025, on account of heightened economic uncertainty triggered by the trade and geopolitical tensions, persistent inflation, and weakening US dollar.”
In February 2025, he said, gold prices averaged US$2,897.3 per fine ounce, indicating a year-on-year growth of 9.7 percent. Similarly, crude oil prices recorded a marginal annual growth of 2.4 percent to settle at an average price of US$74.95 per barrel.
Cocoa prices, however, declined by 8.5 percent driven by improving supply outlook for the current 2024/25 season, Dr Asiama stated.
In the banking sector, Dr Asiama said that banks’ performance continued to improve.
Total bank assets recorded 34.0 percent growth at the end of February 2025 relative to 12.1 percent growth, in the same period last year, he said.
Read Also: Global inflation is expected to remain high in the near-term – BoG Boss
“Without reliefs, CAR was 12.1 percent. The industry’s Non-Performing Loan (NPL) ratio declined to 22.6 percent in February 2025 from 24.6 percent in February 2024. Excluding the loans in the loss category, which are fully provisioned, the NPL ratio as at end-February 2025 was 8.9 percent,” he said.
Dr Asiama further stated that overall, the Financial Soundness Indicators showed broad improvements in asset growth, solvency, liquidity, efficiency, and profitability.
.The fiscal policy stance was more expansionary than expected in 2024. The 2024 fiscal deficit, on commitment basis, was 7.9 percent of GDP against a target of 3.8 percent of GDP, on the back of higher expenditures than target.
“This notwithstanding, early indications from banking sector data suggest some improvements in fiscal performance in early 2025.
“This, along with the commitment to fiscal consolidation presented in the 2025 budget, should support the fiscal outlook. Also, the ratio of public debt declined supported by the debt restructuring,” he said.
Dr Asiama also said that private sector credit is beginning to show signs of recovery.
In February 2025, he said, private sector credit recorded 26.9 percent annual growth, compared with 5.1 percent in February 2024. In real terms, he added, credit growth was 3.1 percent, compared with a decline of 14.7 percent in February 2024.
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