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Claim: An X user, @AbdulRaufIbra20, has alleged that $1 is being exchanged at GHȼ16 in the West African country.
Verdict: False. DUBAWA’s investigations showed that $1 is not sold at GHȼ16 in Ghana, as the X user alleged. The Bank of Ghana’s latest exchange rate, published on May 22, 2025, revealed that $1 is exchanged at GHȼ11.8559.
Full Text
An X user, @AbdulRaufIbra20, has alleged that $1 is being exchanged at GHȼ16 in the West African country.
Ghana’s currency has recently performed better against the U.S. dollar, which experts hailed as one of the world’s best-performing currencies.
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.
President John Mahama credited the country’s cedi’s performance to the economic policies he has begun rolling out.
“I am happy to report to you that our efforts to stabilise the economy have begun to yield results, and it is evident in the improved performance of our local currency and also a gradual reduction of prices of goods and services in the market,” Mahama said on May 15, 2025.
However, an X user, @AbdulRauflbra20, claimed $1 is now being sold at GHȼ16 in the country as archived here.
“Breaking News! $1= 16 Cedis. Buy more dollars before the Cedi hits 25 ooooo,” he wrote on May 21, 2025.
Reacting to the post, an X user, @Mayor_Of_Surrey, wrote: “These kinds of people are making the @NPP_GH more unpopular, but they don’t care. Continue with your misinformation. Your time will surely come.”
Another X user, @theabesung, who tagged Ghana’s police administration account, said, “This guy must be arrested for spreading false information.”
The social media data showed that as of May 22, 2025, the post had 8,491 views, 133 comments, 138 likes, and 11 reposts.
DUBAWA decided to probe the claim as part of its campaign against misinformation and disinformation in Ghana.
Verification
DUBAWA’s investigations showed that $1 is not sold at GHȼ16 in Ghana, as the X user alleged.
The Bank of Ghana’s latest exchange rate data, published on May 22, 2025, revealed that $1 is exchanged at GHȼ11.8559.
A screenshot of the latest exchange rate data Ghana’s central bank published
Ghana’s central bank has explained that the latest figures represented the “average interbank rates used by commercial banks for transactions at the close of business, Wednesday, 21st May, 2025.”
Since Nov. 15, 2024, when $1 sold at GHȼ16.0880, the exchange rate has not shot up to GHȼ16 to $1 to date.
Conclusion
The recent exchange rate data Ghana’s central bank released showed that $1 is sold at GHȼ11.8559, not GHȼ16 as the X user alleged.
