The Importers and Exporters Association of Ghana has raised serious concerns over persistent foreign exchange (forex) access challenges, despite the recent appreciation of the Ghanaian Cedi against major international currencies.
In a press statement issued on Wednesday, the Association noted that businesses continue to struggle to obtain forex through commercial banks, pushing many to turn to the black market, where foreign currency is more accessible but at significantly higher rates.
“It is disheartening that while the Cedi has seen some level of appreciation, businesses continue to face significant hurdles in sourcing forex from traditional banking institutions,” the statement read.
“This situation has compelled many legitimate importers and exporters to resort to the black market, where forex is traded at inflated rates, worsening the cost of doing business and undermining macroeconomic stability.”
The Association referenced recent media reports highlighting ongoing dollar shortages and the increasing influence of informal currency dealers—often referred to as “Abokis” accused of hoarding forex and manipulating market prices.
The group also took issue with recent political commentary on the state of the currency. Specifically, it criticised remarks made by the opposition New Patriotic Party (NPP), suggesting that public mockery of the Cedi’s appreciation could erode investor and business confidence.
“While political debate is part of democratic life, such commentary, especially when not grounded in economic facts, only serves to shake the confidence of the business community and investors alike,” the Association warned.
Calling for urgent intervention, the Association urged the Bank of Ghana to release more forex into the formal financial system and to enhance transparency in the allocation and distribution of foreign currency through commercial banks.
“The central bank must also work closely with financial institutions to strengthen accountability and efficiency, while simultaneously intensifying enforcement efforts to curb the dominance of the black market,” the statement added.
The Association reaffirmed its commitment to supporting government-led efforts aimed at stabilizing the economy but stressed that such support must be met with “responsive and targeted interventions” that prioritize the needs of legitimate businesses.
“We respectfully urge the Bank of Ghana to act swiftly to arrest the situation before it spirals further out of control,” it concluded.
