CNN International Correspondent Larry Madowo, currently in Ghana, has drawn attention to the impact of the cedi’s depreciation, using social media to highlight how much the local currency has declined against the US dollar.
In a recent post on X (formerly Twitter), Madowo voiced his concern over the cedi’s weak value, noting that GHS100 now equals only $6 in the international market. Known for his in-depth reporting on Africa’s economic matters, the Kenyan journalist shared his observations in a tweet that has since ignited discussions in Ghana and beyond. “When I first visited Ghana in 2011, the cedi was nearly 1:1 with the US dollar. Now, 100 cedis is only $6,” he tweeted.
My first time ever in Ghana in 2011, the cedi was about 1:1 to the US dollar.
Today, 100 cedis is just $6 pic.twitter.com/gf5y9JE7eP
— Larry Madowo (@LarryMadowo) November 12, 2024
“This is one of the nicest airports I’ve seen in Africa. Kumasi, y’all are doing it right,” he posted on his X account on November 10, 2024. “One of my favorite things about this airport is the abundant natural light—it’s something you don’t often find in other regional airports on the continent.”
Kumasi 🇬🇭 has one of the nicest regional airports in Africa pic.twitter.com/SRZvKoo1Ht
— Larry Madowo (@LarryMadowo) November 10, 2024
A user named Evestarlovee commented, “Interestingly, Ghana re-denominated its currency in 2007 by removing four zeros, changing 10,000 cedis to 1 cedi, and 5,000 cedis to 50 pesewas, making 1 cedi equal to 1 dollar. Many don’t realize that the Ghanaian currency still carries four hidden zeros. It’s similar to Nigeria removing three zeros from the naira, making 1,000 naira become 1 naira and 500 become 50 kobo. This adjustment doesn’t alter the currency’s value; it only changes the figures, which explains what’s happening with Ghana’s currency.”
