MultiChoice’s alleged claim that the cedi has depreciated by 240% in the last eight years, hence it cannot reduce prices, as demanded by the Minister for Communications has come under strict scrutiny.
This claim by MultiChoice, according to the Minister for Communications, Samuel Nartey George, was contained in a nine-page response, which justified their inability to reduce prices despite improved macroeconomic indicators.
But an economist and Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has strongly disputed the claims allegedly made by MultiChoice, the parent company of DStv.
In a series of posts on social media platform X (formerly Twitter), Dr. Kwakye described the claim as “palpably false,” asserting that the actual depreciation of the cedi between 2017 and 2024 is far less severe than what has been suggested by the pay-TV provider.
According to Dr. Kwakye, the cedi-to-dollar exchange rate moved from GH₵4.20 at the end of 2016 to GH₵14.70 at the end of 2024. This, he explained, represents a depreciation of 71%, not 240% as reportedly claimed.
The economist further noted that the claim of 240% depreciation is not even possible in mathematical terms.
He again highlighted the recent gains by the local currency, noting that the cedi has appreciated by 40% against the US dollar between December 2024 and July 2025. This, he says, is a rare but significant rebound in the context of Ghana’s recent economic history.
“Multichoice must be told that the cedi depreciated by 71% vs the $ during 2017-24 and not 240% claimed by them, as the cedi/$ rate rose from 4.20 to 14.70,” the economist noted.
He continued, “In fact, mathematically, no quantity can depreciate by more than 100%. This year, the cedi has appreciated by 40% vs the $.
This perspective comes at a time when MultiChoice Ghana is under public scrutiny following its failure to reduce prices as demanded by the Minister for Communications, citing currency depreciation as one of the primary reasons.
The backlash has reignited national debates about corporate accountability, price justification, and consumer protection in Ghana’s increasingly competitive digital media and telecom markets.
As of now, MultiChoice Ghana has not officially responded to Dr. Kwakye’s claims.
Meanwhile, the National Communications Authority (NCA) has officially notified Multichoice Ghana Limited of its intention to suspend the company’s authorisation to operate its Subscription Management Service for Satellite Television Broadcasting (Pay TV Direct-to-Home Bouquet).
This regulatory move is being carried out upon the directive of the Minister for Communications, Digital Technology and Innovation, Samuel Nartey George, after the company failed to adjust its prices to reflect the gains made in the cedi.
