The Minority in Parliament has bemoaned the developments in the foreign exchange market, stating that the market is facing deep troubles under the current NDC administration.
Addressing the media in Parliament on Tuesday, July 29, 2025, Ex-Finance Minister and Karaga MP, Dr. Mohammed Amin Adam explained that while government is boasting of unprecedented appreciation of the Cedi, there’s a growing scarcity of foreign exchange in the forex market.
He said the forex market is seeing arbitrage between interbank market and the forex bureau where the ‘Abochi’ is selling the Cedi at a higher rate compared to what the interbank market offers.
“On the exchange rate situation, the Minister indicated that ‘Cedi no Apicki’. The developments in the foreign exchange market under this administration are deeply troubling.
“We are witnessing persistent arbitrage between the interbank market and the forex bureau alongside a growing scarcity of foreign exchange.
“Perhaps, the Minister should know that yes, Cedi no Apicki but Abochi get the dollar as honourable Adongo once said. And the arbitrage we are seeing is quite wide.
“While the minister is talking about interbank rate of GHC10 to a dollar, the Abochi is selling at over GHC13 to a dollar and on top the banks do not have forex to give to clients,” he stated.
Dr. Amin Adam cited the many complains by business owners about the scarcity of forex from the commercial banks.
“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,” he added.
The Minority maintained that the Governor of the Bank of Ghana has ejected some dollars into the market to control the cedi appreciation against the dollar, despite the Governor disputing such claims in February 2025.
“It is evident that the Bank of Ghana has been intervening significantly in the forex market through auction sales and using other tools despite the Bank of Ghana Governor denying such intervention.
“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 noted.
