The Importers and Exporters Association of Ghana has raised serious concerns about the continued difficulties in accessing foreign exchange (forex) through commercial banks, despite recent signs of appreciation in the Ghana Cedi against major international currencies.
In an interview on A1 Radio following a formal press release, Samson Asaki Awingobit, the Association’s Executive Secretary, described the situation as disheartening and harmful to Ghana’s business environment.
According to the Association, many legitimate businesses in Ghana are being forced to resort to the black market for forex, where foreign currencies are sold at inflated and volatile rates, further undermining business profitability and macroeconomic stability.
“While the Cedi has seen some level of appreciation, businesses continue to face significant hurdles in sourcing forex from traditional banking institutions,” the Association’s statement said. “This trend is fueling the dominance of black market operators—commonly known as ‘Abokis’—who now dictate exchange rates despite positive macroeconomic data.”
Mr. Awingobit also took aim at political rhetoric, particularly comments from the opposition New Patriotic Party (NPP) that appeared to mock the Cedi’s recent appreciation. He warned that such commentary risks eroding investor and business confidence in Ghana’s economy.
The Association is calling for urgent intervention from the Bank of Ghana (BoG) to address the growing crisis. Among their key demands: inject more forex liquidity into the system, improve commercial bank transparency and allocation procedures and enforce stronger regulations to dismantle the growing influence of the forex black market.
“The time to act is now,” Awingobit emphasized. “We must protect genuine businesses and preserve economic stability before the situation spirals out of control.”
Despite reported gains in the Ghana Cedi against the US dollar and other currencies in mid-2025, access to forex for importers and exporters remains inconsistent and opaque. Businesses complain that the process is bureaucratic and often favors politically connected individuals or companies.
The Association warned that if foreign exchange challenges persist, import and export activities in Ghana could grind to a halt, leading to price volatility, job losses, and wider economic consequences.
This latest alarm from the Importers and Exporters Association of Ghana adds pressure on monetary authorities and the government to address the disconnect between currency strength and actual business access to forex—a gap that threatens to undo the gains made in economic recovery.
Source: A1RadioOnline.com | 101.1 MHz | Moses Apiah | Bolgatanga
