Misleading! The dollar was not going for ¢11.80 on May 28, 2025
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.
Fakenews Ghana has verified this claim and presents the facts below.
Claim: The Ghana cedi is presently trading at GH¢11.80 to one American greenback
Verdict: Misleading
Explanation
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 of information 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) [see Modern Ghana publication]. On cedirates.com, an online platform that provides daily updates about cedi rates and fuel prices from both international, local and black markets, the cedi was trading between 10.70 (buying) and 11.60 (selling).
