The Minority in Parliament has acknowledged John Mahamas government claims that the Ghanaian cedi has seen some appreciation against the US dollar. However, they say the broader realities in the foreign exchange (FX) market tell a different and more troubling story.
Addressing journalists in Parliament, former Finance Minister and Member of Parliament for Karaga, Dr. Mohammed Amin Adam, admitted that although the government boasts of gains made by the cedi, ground-level market activity reveals persistent arbitrage, growing dollar scarcity, and significant disparities between interbank and forex bureau rates.
“On the exchange rate situation, the Minister indicated that ‘Cedi no Apicki.’ The developments in the FX market under this administration are deeply troubling,” Dr. Amin Adam said. “Perhaps, the Minister should know that yes, ‘Cedi no Apicki’ but ‘Abochi get the dollar,’ as Honourable Adongo once said.”
He pointed out that while the official interbank rate pegs the dollar at around GHS10, forex bureaus – referred to colloquially as Abochi – are selling it at over GHS13. More alarmingly, banks are reportedly unable to meet the foreign exchange demands of clients, creating a liquidity crisis.
According to the Minority, these distortions in the FX market not only undermine confidence but also reflect broader mismanagement of the economy.
“The shortage of dollars in the banks has become so pronounced that importers have gone public to express their frustration,” Dr. Amin Adam noted. “This disparity between official rates and bureau rates is deepening uncertainty in the business environment.”
The Minority also took aim at the government’s failure to present lasting solutions in the recent mid-year budget review. They argued that Finance Minister Dr. Mohammed Amin Adam’s assertion that the cedi is “picking up” lacks credibility amid worsening conditions for traders and importers.
They further cited International Monetary Fund (IMF) reports that the Bank of Ghana injected over US$1.4 billion into the FX market in the first quarter of 2025—a move they said contradicts earlier government denials of currency interventions.
“These interventions are ad hoc, opaque, and lack a rule-based framework,” the Minority warned, adding that the forex market remains volatile and unpredictable for Ghanaian businesses.
The caucus called on the government to adopt more transparent and structured monetary policies to stabilise the cedi and restore confidence in the economy.
