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Claim cedi traded at 3.8 to the dollar in 2016, false

Claim: Kwaku Owusu Banahene, a Communication Team Member of the National Democratic Congress (NDC), has claimed that the exchange rate of cedi to the dollar in 2016 stood at 3.8 cedis.

Verdict: False. Data from the Bank of Ghana indicates that the exchange rate was 4.1 cedis instead. Also, other credible institutions reported the rate at 4.3 during 2016.

Full Text 

With the 2024 election just around the corner, debates over which party deserves recognition for superior economic stewardship are intensifying. 

Against this backdrop, a spokesperson from the opposition National Democratic Congress (NDC), claimed, in contributing to the ongoing discourse on the economy on Peace FM, that before they departed from office in 2016, the Ghanaian cedi valued at 3.8 against the US dollar.

A clip capturing Mr Banahene’s assertion has been uploaded to Despite Media’s YouTube page. This can be assessed between the 6:29 and 6:49 timestamps. 

“You (New Patriotic Party) took the cedi from 3.8 to the dollar. You chastised us, explaining that it was the worst. Dr Mahamudu Bawumia has moved the rate to 17 cedis to the dollar. How, then, do you say you guys are better managers of the economy?” he said. 

Verification 

An exchange rate is the price of one currency in relation to another currency.

We visited the Bank of Ghana website for the historical interbank foreign exchange. We filtered the data for the rates by the end of December 2016.    

It was revealed that the cedi was 4.1 to the dollar instead of 3.8.

Source: Bank of Ghana 

We also sourced data from other financial institutions, including Exchange-Rates.org, known for sourcing data from diverse central banks worldwide. According to data from the organisation, the Cedi stood at 4.3 against the dollar in 2016.

Conclusion 

The claim that the Cedi traded at 3.8 to the dollar in 2016 is false.

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