The CEO of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, has made a false claim about the exchange rate of the Ghanaian cedi to the US dollar in November 2022. On October 21, 2026, during a TV3 Newday show, he stated that the cedi traded at GH¢17.20 to the dollar in November 2022 under the administration of Nana Addo Dankwa Akufo-Addo. This claim was made while commenting on an address by Dr. Mahamudu Bawumia, the presidential candidate of the New Patriotic Party (NPP).
Dr. Bawumia had criticised the government on October 18, 2026, citing unfulfilled promises and harsh living conditions of the average Ghanaian. Mr. Tameklo's claim was made in the context of Dr. Bawumia's address at a thanksgiving service in the Bono Region. According to Mr. Tameklo, when Dr. Bawumia became the chairman of the Economic Management Team, the cedi traded at GH¢17.20 to the dollar by November 2022.
To verify Mr. Tameklo's claim, GhanaFact reviewed the Bank of Ghana's (BOG) Historical Interbank Foreign Exchange Rates for November 2022. The data shows that the cedi traded within the GH¢13.00 range against the dollar from November 1, 2022, to November 30, 2022. At no point did the exchange rate reach GH¢17.
In May 2025, GhanaFact verified a claim by NPP Communicator Awal Mohammed that the dollar never reached GH¢17 under the NPP administration. The verification found his claim to be true according to official BoG historical Interbank Forex rates. The highest official cedi-to-dollar rate under the former government was GH¢17.2 to a dollar on November 6, 2024, when the rate stood at GH¢16.4.
GhanaFact published an explainer in 2025 detailing why the cedi-to-dollar rate of GH¢17 under the former government has been repeatedly cited on different media houses by public officials and commentators. The explainer highlighted that the over 17 cedis rate was an unofficial figure quoted by forex bureaus in November 2024 and subsequently reported by the media.
According to the Bank of Ghana's data, the highest USD to GH¢ exchange rate in November 2022 was GH¢13.099. In contrast, the highest USD to GH¢ exchange rate in November 2024 was GH¢16.4. This indicates that Mr. Tameklo's claim about the exchange rate in November 2022 is false.
In conclusion, the NPA CEO Godwin Tameklo's claim that the Ghana cedi hit GH¢17.20 to the US dollar in November 2022 is false. The Bank of Ghana's data confirms that the cedi traded within the GH¢13.00 range against the dollar in November 2022, and not at GH¢17.20 as claimed by Mr. Tameklo.
Key points
- The NPA CEO's claim about the cedi's exchange rate in November 2022 is false.
- The highest USD to GH¢ exchange rate in November 2022 was GH¢13.099.
- The cedi traded within the GH¢13.00 range against the dollar from November 1, 2022, to November 30, 2022.
