Cedi's Fall: Diaspora Communities in UAE and Qatar Face Financial Hardship

Currency Fluctuations Hit Diaspora Communities Hard: Ghanaians in UAE and Kenyans in Qatar Face Financial Losses DOHA, QATAR – June 15, 2025 – The volatile exchange rate between the US dollar and the Ghanaian cedi is causing significant financial hardship for Ghanaians living in the United Arab Emirates and Kenyans residing in Qatar, according to a recent video by financial content creator Efobanks. Efobanks, whose video has gained traction online, details the challenges faced by many in these communities as the cedi continues to depreciate against the dollar. "Some of us are really losing a lot of money because of the cedi's depreciation," Efobanks stated in his video. He personally reported losing almost 50,000 Ghanaian cedis in a month due to the unfavorable exchange rate. The video highlights the difficulties faced by those sending money home or making international transactions. The uncertainty created by the fluctuating exchange rate is causing widespread anxiety and financial strain. Efobanks's video serves as a cautionary tale and underscores the need for financial planning and awareness in the face of economic volatility. While the situation is challenging, the video concludes with a hopeful message, suggesting that the situation may improve in the coming months.