Claim: Ben Dotsei Malor, ex-Ghanaian presidential spokesperson, has alleged that the country’s currency, the cedi, appreciated from GHȼ18 to GHȼ11 against the U.S. dollar.
Verdict: Misleading. JUSTFACT GHANA’s investigation showed that the cedi did not appreciate from GHȼ18 to GHȼ11 against the U.S. dollar, as Ben alleged. Ghana’s Central Bank data revealed that $1 traded at GHȼ11.8559 on May 22, 2025, the day the ex-BBC presenter made the post. President John Mahama took office when $1 sold at GHȼ14.7574, not GHȼ18, on January 6, 2025.
Background
Ex-Ghanaian Presidential Spokesperson, Ben Dotsei Malor, has alleged that the country’s currency, the cedi, appreciated from GHȼ18 to GHȼ11 against the U.S. dollar.
Ghana’s cedi has recently outperformed the U.S. dollar and other major currencies on the international market.
The exchange rate rose from $1 to GHȼ15.2576 as of Jan. 29, 2025, to the current low of $1 to GHȼ11.8559 as of May 22, 2025.
Writing on the social media platform on May 22, 2025, he said:
“Folks in Ghana: with the cedi appreciating so strongly, from 18 to 11, against the dollar, kindly return the favour and send us some MOMO from Accra to New York?”
Ben’s post came hours after the Bank of Ghana published the day’s exchange rate, which showed that $1 traded at GHȼ11.8559.
Investigation
JUSTFACT GHANA’s investigation showed that the cedi did not appreciate from GHȼ18 to GHȼ11 against the U.S. dollar, as Ben alleged.
Ghana’s Central Bank data revealed that $1 traded at GHȼ11.8559 on May 22, 2025, the day the ex-BBC presenter made the post.
A screenshot of the latest exchange rate data Ghana’s central bank published
Ghanaian President John Mahama took office when the $1 traded at GHȼ14.7574, not GHȼ18, on January 6, 2025.
The Central Bank explained that the latest figures represented the “average interbank rates used by commercial banks for transactions at the close of business on Monday, 21st May 2025.”
Data has shown that Ghana’s cedi appreciated from GHȼ16.3583 on November 11, 2024, to its current low of $1 to GHȼ10.4052.
Conclusion
Contrary to Ben’s claim, the cedi did not appreciate from GHȼ18 to GHȼ11 against the U.S. dollar on May 22, 2025, and not on Jan. 7, 2025, when President Mahama took over.
