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Claim: Several social media accounts and partisan commentators claim that the NPP government took the dollar rate to GH₵17 per USD during their tenure, in response to Dr. Bawumia’s remarks that the NDC has no policy affecting the cedi’s performance.
Verdict: False! Verified data from the Bank of Ghana and other credible platforms show that while the cedi depreciated significantly under the NPP, it never officially reached GH₵17 to the dollar. The peak was approximately GH₵16.41 in November 2024.
Full Text
Over the past few days, following a steady appreciation of the cedi against the US dollar, several social media users and political figures have claimed that the New Patriotic Party (NPP) government once took the exchange rate to GH₵17 per USD.
This claim emerged prominently after Dr. Mahamudu Bawumia, former Vice President and 2024 NPP presidential candidate, commented downplaying the role of the National Democratic Congress (NDC) in the cedi’s recovery.
Speaking at an engagement with the Young Executive Forum (YEF) in London in May 2025, Dr. Bawumia stated,
“If you ask the NDC to name one policy they have implemented for cedi appreciation, they cannot.”
He further explained that the NDC had only passed its budget in March and had not issued contracts or made any payments, implying that their influence on the currency’s performance was minimal.
These remarks triggered strong reactions across various platforms, with critics focusing on the NPP’s handling of the economy during its administration.
The most common rebuttal was that the cedi had previously depreciated to GH₵17 under Bawumia’s economic leadership, a claim gaining online traction.
Meanwhile, Solomon Owusu, Senior Communicator for the Movement for Change, speaking on TV3 on May 21, 2025, stated,
“I heard Bawumia say that he hasn’t seen any policy that NDC has done… if they are not doing anything, and it’s bringing the dollar down, then it’s a good thing. He that was doing things the right way — where did we find the dollar? 17 cedis… in opposition, he will be giving lectures on economic matters, but in government, he said he is an IT person…”
Malik Basintale, CEO of the Youth Employment Agency, echoed this claim on his Facebook and X (formerly Twitter) profiles, prompting DUBAWA to fact-check his assertion.
Nonetheless, popular blogger Bongo Ideas also weighed in, posting on X on May 21, 2025:
“Ato Forson took the dollar from 17 to 15 in two months. Took it from 15 to 13 in 1 month and then took it from 13 to 11 in 3 weeks. Projected to hit 9 in 2 weeks. This is what the avowed Economist, Bawumia, could never do! Prices dropping! Aban Papa Aba!” his post garnered over 100,000 views and was widely shared.
Other users also chimed in with viral comments on Facebook:
Nathaniel Dwamena: “NDC does not have one policy, and the Cedi is trading at ₵12 to a dollar. Then they should not have any policy. When Dr. Bawumia listed 33 policies and 170 questions, the Cedi was trading at 17.”
Apiu Beberto: “Dr Bawumia said in October 2020 that the exchange rate would have been 16 cedis if John Dramani Mahama and the NDC were in power, but fast-forward to 2025, JDM and the NDC are in power, and the exchange rate has reduced from almost 17 cedis to 12 cedis. Dr Bawumia, the inconsistent and forgetful talkative, now says what?”
Philip Osei Akoto: “With 100 policies of Bawumia and the NPP, the dollar was trading at 17 cedis. With Zero (0) policy of NDC, the dollar is trading at 12.2 cedis. #CommonSense.”
Edrorlali Apekortu: “If buying a dollar at 11.9 cedis is a failure, then what will buying a dollar at 17 cedis be? If buying a litre of fuel at 12.8 is a failure, then what will buying it at 15 cedis be? You guys don’t have shame. You guys have proven to be bad in government. Clearly, you’re bad, also in opposition. NPP NEVER AGAIN.”
Citizen Sawa Jnr: “Am I the only one who doesn’t find logic in what Opana is saying? U increased the Gold reserve and left the Cedi at almost 17 to a dollar. JM streamlines the Gold sector and exports more gold for dollars to stabilise the cedi. As we speak, a dollar is 11.8 cedis. Between the two of you, who gets sense? These fake IT experts can disturb.”
The frequency of these statements created a widely believed narrative that the cedi had once fallen to GH₵17 under the NPP government. DUBAWA investigated this assertion as part of its campaign to promote truth in public discourse.
Verification
To assess the truthfulness of the GH₵17 claim, DUBAWA examined historical exchange rate data from credible sources.
What was the rate at the time of NDC’s assumption of office?
- Bank of Ghana (January 6, 2025): 1 USD = GH₵14.6927
- Exchange-rates.org (January 7, 2025): 1 USD = GH₵14.7258
- Yahoo Finance (January 7, 2025): 1 USD = GH₵14.6600
Additionally, the Bank of Ghana confirms that on December 31, 2024, the exchange rate was GH₵14.6927 per USD.
These figures show that when the NDC assumed power, the exchange rate hovered between GH₵14.66 and GH₵14.73, not GH₵17.
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Credit: Bank of Ghana
Credit: Bank of Ghana
What was the highest rate under the NPP?
- Exchange-rates.org shows the highest exchange rate in 2024 was GH₵16.415 on November 8, 2024.
- Bank of Ghana records for the same date list the rate as GH₵16.3419
This is the highest official rate on record before the NPP exited office. While it approached GH₵17, it never reached or surpassed that number officially.
| 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 |
By the end of December 2024, the rate had declined to GH₵14.6927, further disproving the GH₵17 figure as the last standing rate under NPP leadership.
Conclusion
The claim that the exchange rate reached GH₵17 per USD under the NPP government is false. Verified data from the Bank of Ghana, exchange-rates.org, and Yahoo Finance confirm that the highest official exchange rate was approximately GH₵16.41, not GH₵17.
