Introduction
Over the past few months, GhanaFact has monitored the persistent narrative that during the previous New Patriotic Party (NPP) government, the Ghana cedi depreciated and was at a point pegged at GH¢17 against one United States dollar.
This narrative is spread by members of the current National Democratic Congress (NDC) government who insist that at one point the exchange rate hit one dollar to GH¢17.0 during the administration of Nana Addo Dankwa Akufo-Addo (2017 – 2025).
Meanwhile, members of the NPP protest that the rate never hit GH¢17 during the 8 years of the Akufo-Addo-led administration.
The conversation was again triggered by the Minister of Finance, Cassiel Ato Forson’s claim on July 24, 2025, during the mid-year budget review presentation, where he stated that the dollar and cedi traded at GH¢17.0 at a point in Ghana’s economic history.
“I am happy to inform the House that our precious cedi, which once upon a time was trading at about GH¢17.0 to the US Dollar, was trading at about GH¢10.4 as at yesterday, 23rd July, 2025,” he said.
Similarly, the government’s spokesperson, Felix Kwakye Ofosu, speaking during parliamentary proceedings on July 28, 2025, reiterated the controversial exchange rate and said:
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“Mr. Speaker, my colleague who just spoke before me was contending that the cedi never got to 17 cedis against a dollar under their tenure. Mr. Speaker, in November 2022, the Ghana Cedi exchange was 17 cedi to a dollar, and it is a fact on the forex market.”
In response, the minority caucus at a press conference on July 29, 2025, led by the Member of Parliament for Tano North, Gideon Boako, said:
“The minister claim (s) that there has been a reverse of the cedi depreciation to the 2022 level, and here he mentions the fact that they inherited a cedi to dollar rate of 17 cedis to one dollar, and they have brought it down to 10.4 cedis to the dollar.
“Ladies and gentlemen, this is a plain lie; there has never been any record by the Bank of Ghana during the last eight (8) years of the previous NPP government whereby a dollar was sold at the interbank market for 17 cedis. It never happened.”
Did the dollar ever hit GH¢17.0?
What the Bank of Ghana’s data says
According to the Bank of Ghana (BoG) Historical Interbank Foreign Exchange Rates, the cedi never reached GH¢17.0 per dollar during the NPP administration. The highest recorded interbank rate during the last government was GH¢16.4200 on November 6, 2024.
According to the same BoG data, for the whole of November 2022, the cedi-to-dollar rate hovered around GH¢13. It never reached GH¢17 as claimed by Kwakye Ofosu.
What Google’s foreign exchange data shows
GhanaFact’s checks on Google Live’s foreign exchange rate dashboard confirmed that the dollar never reached GH¢17.0. The highest recorded rate was GH¢16.4685 on November 9, 2024.
What some media outlets reported
Despite the official figures, some media outlets reported rates at GH¢17.0, but these were typically based on local forex bureau rates, not BoG figures.
On November 6, 2024, Citi Newsroom reported the cedi trading at GH¢17.20 to one (1) dollar.
“Market analysts are projecting continued volatility for the cedi, which has now surpassed GH¢17 against the US dollar amid uncertainty surrounding the upcoming general elections,” according to the report.
Similarly, JoyNews reported on November 12, 2024, that one dollar was trading at GH¢17. According to the publication, “The local unit gained 0.2% to sell at GH¢16.33 to one American greenback on the interbank market. It is, however, going for GH¢17.0 to the dollar on the retail market.”
These media reports were quoting bureau and retail market rates, which often differ from the BoG’s interbank exchange rate.
GhanaFact has in the past debunked the claim that the cedi was trading at GH¢17.00 to one dollar, but the claim has become a falsity that never seems to die.
Conclusion
The argument that the dollar hit GH¢17 under the NPP administration is not supported by BoG’s data, which shows a peak of GH¢16.4200 on the official interbank market. However, on the retail market, forex bureaus sold the dollar at or above GH¢17, as reported by the media.
This explains why the ‘GH¢17 to a dollar’ narrative has remained persistent in public discourse. While some argue with the BOG’s official interbank rate, others referenced the bureau or retail markets.
By Nusrat Essah
