‘Cedi is not picking up, but Abochi has the dollar’ – Minority tells government

The Minority in Parliament has disputed the government’s claim that the Ghanaian Cedi is stabilising, citing a perceived disconnect between official exchange rates and practical business experiences.

Speaking to journalists in Parliament on Tuesday, July 29, 2025, Dr. Mohammed Amin Adam, the Member of Parliament for Karaga and former Finance Minister, pointed out that government claims of an “unprecedented appreciation” of the Cedi were misleading, given the growing scarcity of foreign currency and the escalating 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 portrayed an economy where official optimism is being counteracted by operational challenges in accessing dollars for trade and imports. According to Dr Adam, while the Ministry of Finance reports 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 gets the dollar, as Honourable Adongo once said,” he quipped. “And the arbitrage we are seeing is quite wide.”

Dr. Adam pointed out that a more worrying issue is that even these high foreign exchange rates do not ensure availability. “Banks do not possess sufficient foreign exchange to provide to clients,” he stated, cautioning that the inability of businesses to source dollars could have severe repercussions for trade and investment confidence.

He also criticized the Bank of Ghana for its “quiet interventions” in the foreign exchange market, despite the central bank’s earlier denials.

“It took the IMF to disclose that in the first quarter of 2025, the Governor injected over 1.4 billion dollars into the market,” he revealed.

The Minority’s comments have generated new concerns about the central bank’s transparency and the durability of recent economic gains claimed by the government.

Moreover, the issue strikes at the core of public trust, particularly for small- and medium-sized businesses that depend on access to foreign currency for importing goods and servicing contracts.

“We have heard many people complaining about how long it takes and the documents they have to present to be sent to the Bank of Ghana for clearance before they can get forex from their own accounts,” Dr Adam added.