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Claim: YEA boss, Malik Basintale, says the US Dollar exchange rate to the Ghanaian Cedi has decreased from GH₵17 to GH₵12.45 within 4 months since the NDC assumed power.
Verdict: Malik Basintale’s statement is misleading, as the rate was approximately GH₵14.70 when the NDC assumed power on January 7, 2025, though the current rate of GH₵12.45 is accurate.
Full Text
Member of the National Democratic Congress (NDC) and leader of the Youth Employment Agency (YEA), Malik Basintale, posted on his social media pages (Facebook and X) suggesting a significant improvement in the Ghanaian Cedi’s value against the US Dollar under the NDC government.
He attributed the drop from GH₵17 to GH₵12.45 to their economic policies within a short period, showcasing it as a positive development for Ghana’s economy.
Meanwhile, Malik Basintale’s post, claiming a drop in the US Dollar exchange rate from Ghc17 to Ghc12.45 within four months under the NDC, gained significant traction across his social media platforms.
On X, where he has 79.8K followers, the post garnered 7.9K likes, 795 retweets, and an impressive 196K views within 17 hours of being shared.
With his 145K followers on Facebook, the post amassed 2.5K comments, 373 shares, and additional engagement from 11K others.
The high engagement metrics reflect the post’s widespread reach and the polarising nature of the economic claim among his audience. Thus, DUBAWA decided to investigate further to check against misinformation.
Verification
To assess the accuracy of this claim, DUBAWA needed to verify two key components:
- The current exchange rate as of May 15, 2025.
- The exchange rate was when the NDC “inherited” power, which refers to when they assumed office on January 7, 2025, following their victory in the December 7, 2024, presidential election.
Current Exchange Rate (May 15, 2025)
Multiple reputable sources confirm the current exchange rate:
- Bank of Ghana reported the exchange rate as 1 USD = 12.3938 as of May 15, 2025.
- Yahoo Finance reports the exchange rate as 1 USD = 12.4000 GH₵ as of May 15, 2025.
- Exchange-rates.org indicates 1 USD = 12.45868 GH₵.
- XE.com shows 1 USD = 12.424242 GH₵.
These figures align closely with Basintale’s claim of “GH₵12.45,” confirming that the current exchange rate is accurate.
Exchange Rate When NDC Took Power (January 7, 2025)
The NDC, led by President John Mahama, was inaugurated on January 7, 2025, after winning the 2024 general election. To determine the “inherited” exchange rate, we examined historical data for that date:
- Bank of Ghana records the exchange rate on January 6, 2025, as 1 USD = 14.6927
- Exchange-rates.org records the January 7, 2025 exchange rate as 1 USD = 14.72577 GH₵.
- Yahoo Finance lists the January 7, 2025 closing rate as 1 USD = 14.6600 GH₵.
Additionally, the exchange rate just before the NDC took power, on December 31, 2024, was 1 USD = 14.6927 GH₵, according to the Bank of Ghana. These figures consistently show that the exchange rate at the time of the NDC’s inauguration was approximately 14.6927 GH₵ per USD, not GH₵17 as claimed.
Credit: Bank of Ghana
Credit: Bank of Ghana
Historical Context and Possible Misinterpretation
To explore whether the GH₵17 figure could refer to a different period, DUBAWA investigated the highest exchange rate under the previous New Patriotic Party (NPP) government:
- According to exchange-rates.org, the highest exchange rate in 2024 was 1 USD = 16.415 GH₵ on November 8, 2024. Likewise, the Bank of Ghana records 16.3419 per USD for the same date.
- By December 31, 2024, the rate had decreased to 14.70050 GH₵ and remained around 14.66–14.73 GH₵ by January 7, 2025.
The peak rate of ‘16.3419 to 16.415’ GH₵ is close to 17, and Basintale may have rounded this figure up or referred to this high point when mentioning “GH₵17 inherited.”
However, the term “inherited” typically denotes the conditions when taking office: January 7, 2025, when the rate was 14.6927–14.72577 GH₵. Referring to a peak rate two months earlier as “inherited” is misleading.
Strength of the Cedi as of May 2025
The strengthening of the Ghanaian Cedi from approximately 14.70 GH₵ to 12.45 GH₵ per USD within four months (January to May 2025) is a notable economic achievement.
A lower exchange rate indicates a stronger Cedi, which can reduce the cost of imports and improve economic stability. This aligns with Basintale’s celebratory gesture, suggesting that the NDC’s policies may have contributed to this improvement.
However, no official statements from the NDC or government sources directly corroborate the GH₵17 figure.
Summary Table
| Date | Exchange Rate (1 USD to GH₵) | Source |
| November 8, 2024 | 16.415 GH₵ 16.3419 GH₵ | exchange-rates.org Bank of Ghana |
| December 31, 2024 | 14.70050 GH₵ 14.6927 GH₵ | exchange-rates.org Bank of Ghana |
| January 7, 2025 January 6, 2025 | 14.6600–14.72577 GH₵ 14.6927 GH₵ | Yahoo Finance, exchange-rates.org Bank of Ghana |
| May 15, 2025 | 12.4000–12.45868 GH₵ 12.3938 GH₵ | Yahoo Finance, exchange-rates.org, XE.com Bank of Ghana |
Conclusion
Malik Basintale’s claim that the US Dollar exchange rate dropped from GH₵17 to GH₵12.45 within 4 months is misleading. The current exchange rate of approximately GH₵12.45 is accurate, and the Cedi has strengthened significantly since the NDC took power. However, the claim that the rate was GH₵17 when the NDC “inherited” power is incorrect.
