Ghanaian importers have raised concerns over worsening access to foreign exchange, warning that a growing number are being pushed towards the black market due to a lack of dollars at commercial banks.
Despite the Bank of Ghana (BoG) quoting an official interbank rate of GH¢10.30 to the dollar, traders report paying upwards of GH¢11.50 on the parallel market to secure the foreign currency they need.
According to a statement issued by the policy think tank Imani Ghana, this divergence reflects a serious disconnect between official exchange rate data and economic reality.
Businesses reliant on foreign exchange for routine operations, including spare parts dealers in Abossey Okai, say they have been effectively shut out of formal FX windows, even as the cedi has appreciated marginally in recent months. "The cedi may be gaining on paper, but duties haven't gone down," one dealer told Imani. "Customs is still using inflated rates to calculate our charges, and the relief we were promised hasn't materialised." A Managed Reality The root of the mismatch, Imani Ghana suggests, lies in the BoG's attempt to project an image of strength and stability.
