Ghanaian Worker in Qatar Packs His Bags to Return Home as Falling Cedi Wipes Out Earnings
- A Ghanaian man working in Qatar has lamented the cedi's appreciation slashing his remittances
- Efo Banks suggested that his earnings had been wiped out due to the Qatari riyal’s fall against the cedi
- He said he was now packing up to return home, as working in Qatar no longer made financial sense to him
A young Ghanaian man living and working in Qatar has taken to social media to lament the rapid appreciation of the cedi against major trading currencies.
The man, identified on TikTok as Efo Banks, was working in Qatar for many years, sending money home regularly to support his family and build a future.
Source: TikTok
However, the cedi's surge against major currencies has drastically reduced the value of his remittances.
Efo Banks suggested that the strong performance of the cedi was making his earnings in the Arabian Peninsula useless.
As of Wednesday, May 28, 2025, the Qatari riyal was trading at GH¢2.83 against the cedi. However, at the time Efo Banks posted his video, the exchange rate was GH¢2.87.
The cedi is among the best performing currencies in recent months, according to Bloomberg, with inflation dropping consistently since the beginning of the year.
Because of the rapid depreciation of the Qatari riyal against the cedi, the young Ghanaian man has started planning to return home.
In the TikTok video shared on his page, Efo Banks was seen packing his bags and luggage in preparation to relocate back to his country of birth.
"It's finished. Time to go back home," he wrote in the caption of the video.
The man's situation has highlighted the challenges faced by many Ghanaians living abroad, who have relied on remittances to support their families back home.
With the cedi's continuous surge against international trading currencies, Efo Banks and other Ghanaians abroad would have to remit double what they usually send to their relatives in Ghana.
This is certainly a cause of worry for them, hence their lamentations on social media. The video of the borga packing up to return him is below:
Efo’s video about the cedi sparks reactions
Efo Banks’ video has sparked reactions on social media, with many taking to the comment section to share their views.
Below are a few of the comments:
@Sika saidL
"I don’t understand this government you are signin a deal for Ghanaians to travel and work outside the country and you are the same person fighting the currency so what is the essence of this deals you signing create a job in our home country first."
@MR BOAKYE C also said:
"00.28 way back 2014 we survived."
@Mr and Mrs Jeffrey commented:
"Don't go to Ghana the dollar will raise up. me i will never go home even if it comes to GH¢1."
Source: UGC
UK-based nurse cries as cedi appreciates
In a related story, YEN.com.gh reported that a Ghanaian lady, who works as a nurse in the UK, took to social media to lament the cedi rising against the British pound recently.
Accordng to her, the surge was affecting the remittances to support her family in Ghana. However, many Ghanaians who came across her video criticised her in the comments.
Proofreading by Bruce Douglas, copy editor at YEN.com.gh.
Source: YEN.com.gh
