False! NSS 2016 allowance of ₵559 not equivalent to $143.33

Claim: A flyer on social media claiming  that the dollar equivalent of the National Service Scheme (NSS) allowance of ₵559 in 2016 and ₵715 in 2024 were $143.33 and $42.29, respectively.

Verdict: False

Explanation: The Cedi traded at ₵4.275 to the dollar as of December 31, 2016, when the NSS monthly allowance was ₵559. Therefore, the dollar equivalent of ₵559 was $130.760 and not $143.33. Also, the NSS allowance as of December 5, 2024, is ₵715.

The Bank of Ghana’s exchange rate as of December 5, 2024, is $1 to  ₵14.9125. The dollar equivalent of ₵715 is, therefore, $47.9463 and not $42.29 as claimed.