Forex Access Challenges Persist Despite Cedi Gains — Ghana Importers and Exporters Sound Alarm

The Importers and Exporters Association of Ghana has expressed serious concern over ongoing difficulties in accessing foreign exchange (forex) through formal banking channels, even as the Ghanaian Cedi shows signs of appreciating against major global currencies. Businesses continue to face limited availability of forex from commercial banks, forcing many to rely on the black market where rates are significantly higher, thereby increasing operational costs and threatening economic stability.

The Association highlighted reports of dollar shortages and the growing influence of informal currency dealers known as “Abokis,” who are accused of hoarding forex and manipulating exchange rates. It also criticized political comments from the opposition New Patriotic Party (NPP) that allegedly undermine confidence in the Cedi’s recent gains, warning that such rhetoric risks damaging investor and business trust in the economy.

In response, the Association called on the Bank of Ghana to urgently inject more foreign currency into the formal financial system and improve transparency in forex allocation through banks. It emphasized the need for stronger accountability and enforcement measures to combat the dominance of the black market and support a more stable, reliable currency exchange environment.

Reaffirming its commitment to collaborate with government efforts for economic stability, the Association urged swift and targeted interventions that address the forex challenges faced by legitimate importers and exporters. Without prompt action, it warned that the situation could deteriorate further, exacerbating difficulties for the business community and the broader economy.

Source: Citi newsroom