Speaking to journalists in Parliament on Tuesday, July 29, 2025, Dr Mohammed Amin Adam, the Member of Parliament for Karaga, who is a former Finance Minister, said government claims of an “unprecedented appreciation” of the Cedi were misleading in the face of growing foreign currency scarcity and mounting frustration among the business community.
“We are witnessing persistent arbitrage between the interbank market and the forex bureau alongside a growing scarcity of foreign exchange,” Dr Adam said, adding that “the developments in the foreign exchange market under this administration are deeply troubling.”
The Minority painted a picture of an economy where official optimism is being undercut by operational challenges in accessing dollars for trade and imports. According to Dr Adam, while the Ministry of Finance touts an interbank rate of GHC10 to the dollar, forex bureaus—locally nicknamed “Abochi”—are trading at rates well above GHC13.
“Perhaps, the Minister should know that yes, ‘Cedi no Apicki’, but Abochi get the dollar as Honourable Adongo once said,” he quipped. “And the arbitrage we are seeing is quite wide.”
More troubling, Dr Adam noted, is that even these high forex rates are not guaranteeing availability. “Banks do not have forex to give to clients,” he stated, warning that the inability of businesses to source dollars could severely impact trade and investment confidence.
He also criticised the Bank of Ghana for what he termed as “quiet interventions” in the forex market, despite earlier denials from the central bank.
“It took the IMF to disclose that in the first quarter of 2025, the Governor has ejected over 1.4 billion dollars into the market,” he revealed.
The Minority’s comments raise fresh questions about the transparency of the central bank’s actions and the sustainability of recent gains touted by the government.
Beyond economics, the issue strikes at the heart of public trust — particularly for small- and medium-sized businesses that rely on access to foreign currency to import goods or service contracts.
“We have heard many people complaining about how long it takes and documents they have to present to be sent to the Bank of Ghana for clearance before they get forex from their own accounts,” Dr Adam added.
