Donald Trump is America’s President
Despite the US dollar’s continued dip on the global stage, with its dollar spot index extending losses against major counterparts, President Donald Trump has indicated that he is confident and comfortable with the dollar’s current strength.
The dollar has fallen to its lowest level since early 2023.
The decline has been driven by the abrupt rebound in the yen since last week, as traders braced for potential intervention by Japanese officials to support their currency.
However, some analysts argue that the drop has largely been influenced by President Trump’s unpredictable policymaking, his pressure on the Federal Reserve, and tax cuts that deepened the deficit, among other factors.
Speaking to reporters in Iowa on January 27, 2026, Trump said the dollar was “doing great,” adding that the strength of the currency reflects the level of business being conducted by the United States.
“No, I think it is great. I mean the value of the dollar, look at the business we’re doing. No, the dollar’s doing great,” he said.
He also revisited his long-standing criticism of China and Japan, accusing both countries of deliberately devaluing their currencies in the past to gain a competitive trade advantage.
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“If you look at China and Japan, I used to fight like hell with them because they always wanted to devalue their yen. Do you know that? The yen and the yuan, and they’d always want to devalue it. They devalue, devalue, devalue. And I said it’s not fair because it’s hard to compete when they devalue.”
Impact of the depreciating dollar on developing economies like Ghana
As the dollar loses ground globally, developing economies like Ghana stand to benefit by diversifying reserves away from the US currency.
Ghana has significantly increased its gold reserves over the past year as part of efforts to strengthen foreign exchange buffers, support the cedi, and reduce overreliance on the dollar.
This policy has coincided with a marked improvement in the performance of the cedi, which recorded strong gains for much of 2025.
Ghana’s gold accumulation strategy places it among a number of countries seeking greater monetary autonomy, using natural resources to strengthen domestic currencies and enhance economic resilience.
“No, I think it’s great,” Trump told reporters in Iowa when asked if he was worried about a decline in the value of the dollar that’s dragged the currency to its weakest level in nearly four years https://t.co/AWAWGG7xvH pic.twitter.com/uZY9CGRTOF
— Bloomberg (@business) January 27, 2026
SP/MA
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