Importers and Exporters decry ongoing forex crisis despite cedi gains

The Importers and Exporters Association of Ghana has raised significant concerns about the ongoing challenges in accessing foreign exchange (forex), even with the recent appreciation of the cedi against key international currencies.

In a statement, the Association warned that businesses continue to face major challenges in securing forex through commercial banks, forcing many to turn to the black market, where rates are significantly higher and more volatile.

“It is troubling that despite some appreciation of the Cedi, businesses still cannot access sufficient forex through formal channels, as a result, many legitimate importers and exporters are being pushed toward the black market, where inflated rates are driving up the cost of doing business and threatening broader economic stability,” the statement said.

The Association pointed to recent media reports detailing widespread dollar shortages and the growing influence of informal forex dealers commonly known as ‘Abokis’, who are accused of hoarding foreign currency and manipulating prices in the parallel market.

The group also criticised recent political commentary surrounding the cedi’s performance.

In particular, it took issue with remarks from members of the opposition NPP, arguing that politicising the cedi’s recovery risks undermining market confidence.

Calling for swift and decisive action, the Association urged the Bank of Ghana to inject more forex into the formal financial system and to enhance transparency in how foreign currency is allocated and distributed through banks.

“The central bank must collaborate closely with commercial banks to improve accountability and efficiency in forex distribution, while also stepping up efforts to clamp down on illegal currency trading,” the statement indicated.

While reaffirming its support for government-led efforts to stabilise the economy, the Association stressed that such support must be matched with proactive and targeted measures that address the practical needs of businesses.

“We respectfully call on the Bank of Ghana to act with urgency to contain this worsening crisis before it causes further damage to the economy,” the statement stressed.