False! Cedi has not dropped to 7 cedis against the dollar

Claim: An X user is alleging a reduction in the exchange rate against the dollar. He said “Dem announce Mahama naa, the dollar reach 7 cedis wow”

Source: @the_marcoli_boy archived here

Verdict: False

Explanation:  X (formerly Twitter) user @the_marcoli_boy has claimed that following the announcement of John Mahama as president, the cedi has appreciated, moving from 14 cedis to 7 cedis against the dollar. However, checks by the Ghana Fact-Checking Coalition on the Bank of Ghana’s website show that as of December 9, 2024, the official exchange rate remains at 14.8 Ghana cedis to the dollar. It is, therefore, inaccurate to suggest that the rate is 7 cedis.