MISLEADING! The dollar was not going for ¢11.80 on May 28, 2025
A viral image suggested the US dollar was selling at ¢11.80 on 28 May 2025. Bank of Ghana indicative rates and commercial bank quotes for that day place the dollar significantly higher.
The claim
On 28th May 2025 at 8:36 am, myjoyonline published a story titled "Cedi to continue holding firm against dollar; one dollar going for GH¢11.80". Specifically, the story made this claim: "It is presently trading at GH¢11.80 to one American greenback". The story's contents appear to be misleading based on the available facts.
What we found
To confirm whether the cedi was traded at 11.80 to the dollar, we used a number of resources. The first is the interbank exchange rate from the Bank of Ghana. The second source is Yahoo Finance's international FX trade rate, and finally, rates from Forex Bureaus in Accra as well as Black market prices.
The Bank of Ghana interbank exchange rate as of May 28, 2025, was 10.2851 (Selling) and 10.2749 (Buying) with a mid-rate value of 10.2800. At Yahoo Finance's FX Rate, the value was 10.3366, with a high rate set at 10.3366 and a low value of 10.2813.
At various forex bureaus around the country, the dollar was sold at an average rate of 10.70 for those who sold their dollars, and 11.60 for those who wanted to convert their cedi to dollars (buy dollars). On cedirates.com, an online platform that provides daily updates about cedi rates and fuel prices, the cedi was trading between 10.70 (buying) and 11.60 (selling).
Verdict
None of the official or market rates matched the claimed ¢11.80 figure. While the cedi did appreciate notably during this period, the specific rate cited in the viral post was not supported by any credible source. We rate this claim MISLEADING.
