Claim: In November 2022, the Ghana cedi traded at GH¢17.20 to the dollar.
Source: Godwin Edudzi Tameklo, NPA CEO
Verdict: False
Researched by Charlotte Gbonsu
The CEO of the National Petroleum Authority (NPA), Godwin Edudzi Kudzo Tameklo claimed that the Ghana cedi traded at GH¢17.20 to the dollar in 2022 during the erstwhile Nana Addo Dankwa Akufo-Addo administration.
He made the claim on TV3’s Newday show on October 21, 2026, while commenting on an address Bawumia, the presidential candidate of the New Patriotic Party (NPP) delivered at a thanksgiving service in the Bono Region.
“Now, when he became the chairman of the Economic Management Team, Dr Mahamudu Bawumia, by November 2022, the Ghana cedi traded at GH¢17.20 to the dollar,” he said. (watch from (2:12 onwards).
On October 18, 2026, Dr Bawumia criticised the government citing unfulfilled promises and harsh living conditions of the average Ghanaian.
This fact-check will verify whether the dollar traded at GH¢17.20 in November 2022.
Fact-check
GhanaFact reviewed the Bank of Ghana’s (BOG) Historical Interbank Foreign Exchange Rates for November 2022 and found that the cedi traded within the GH¢13.00 range against the dollar from November 1, 2022 to November 30, 2022. At no point did the exchange rate reach GH¢17.
In May 2025, GhanaFact verified a claim by NPP Communicator Awal Mohammed that the dollar never reached GH¢17 under the NPP administration. We found his claim to be true according to official BoG historical Interbank Forex rates.
In that report, we established that the highest official cedi-to-dollar rate under the former government was GH¢17.2 to a dollar on November 6, 2024, when the rate stood at GH¢16.4.
GhanaFact in 2025 published an explainer detailing why the cedi-to-dollar rate of GH¢17 under the former government, has been repeatedly cited on different media houses by public officials and commentators.
Conclusions:
- The highest USD to GH¢ exchange rate in November 2022 was GH¢13.099
- The highest USD to GH¢ exchange rate in November 2024 was GH¢16.4
- The over 17 cedis rate was an unofficial figure quoted by forex bureaus in November 2024 and subsequently reported by the media.
Verdict
Therefore, the NPA CEO Godwin Tameklo’s claim that in November 2022, the Ghana cedi hit GH¢17.2 to the US dollar is false.
Update: When GhanaFact contacted the NPA CEO, he confirmed that he was referring to a November 2024 forex rate. He shared a Citi Newsroom link as basis for his claim.
