You're correct that the Cedi has lost value compared with the US dollar while existing in a world where USD is one side if nearly every international business transaction.
However, look at the US dollar over longer durations against wheat [1], copper [2],
gold[3], or Bitcoin [4]: the dollar buys significantly less than 10, 15, 40, or 100 years ago.
While the Cedi may be much weaker against the dollar, the dollar is loosing against real commodities/assets that can't simply be created by banker's fiat.
So, the dollar's the cleanest dirty shirt in the room. And Ghana just announced that they'd rather trade oil for a clean shirt (gold) rather than taking a dirty one.
However, look at the US dollar over longer durations against wheat [1], copper [2], gold[3], or Bitcoin [4]: the dollar buys significantly less than 10, 15, 40, or 100 years ago.
While the Cedi may be much weaker against the dollar, the dollar is loosing against real commodities/assets that can't simply be created by banker's fiat.
So, the dollar's the cleanest dirty shirt in the room. And Ghana just announced that they'd rather trade oil for a clean shirt (gold) rather than taking a dirty one.
[1] https://www.macrotrends.net/2534/wheat-prices-historical-cha...
[2] https://www.macrotrends.net/1476/copper-prices-historical-ch...
[3] https://goldprice.org/gold-price-charts/15-year-gold-price-h... / For 100 year chart, https://www.macrotrends.net/1333/historical-gold-prices-100-...
[4] https://www.xe.com/currencycharts/?from=USD&to=BTC&view=10Y