Importers, exporters warn of ongoing forex access challenges despite cedi strength
Ghanaian traders and manufacturers report that securing foreign currency remains a major hurdle, even as the cedi strengthens against global benchmarks. The Importers and Exporters Association says firms are increasingly unable to buy dollars and euros through banks, driving them toward unofficial channels where rates are far less favorable.
In its Wednesday communique, the group lamented that, despite a firmer local currency, many legitimate operators now depend on informal “Aboki” dealers—accused of hoarding supplies and inflating prices—to meet their forex needs. This reliance, the association warns, inflates import and export costs and poses a risk to the broader economy.
The statement also took aim at recent political barbs over the cedi’s performance, pointing to comments from the New Patriotic Party that, in the association’s view, could unsettle both investors and business owners by casting doubt on the currency’s trajectory.
To address the crunch, the association is calling on the Bank of Ghana to pump additional hard currency into the banking sector and to publish clear criteria for forex allocations. It further urged tighter oversight of commercial banks’ distribution practices and stronger penalties for operators who flout official channels.
While affirming its readiness to collaborate with government efforts to stabilize markets, the association stressed that any interventions must be swift, precise, and focused squarely on supporting bona fide importers and exporters. “Timely action is essential to prevent this situation from deteriorating further,” the group concluded.
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