The Importers and Exporters Association of Ghana is calling on the Bank of Ghana (BoG) to urgently address the persistent foreign exchange (forex) access challenges affecting businesses, despite recent signs of recovery in the Ghana Cedi.
In a statement signed by its Executive Secretary, Samson Asaki Awingobit, the Association expressed concern that commercial banks are still unable to meet the forex needs of legitimate businesses, forcing many traders to resort to the black market where foreign currencies are available at inflated rates.
“The rising dominance of black market dealers, or Abokis, who hoard foreign currency and dictate rates, is not only worsening the cost of doing business but also undermining investor confidence and macroeconomic stability,” the statement noted.
The Association also criticised recent political commentary from the opposition New Patriotic Party (NPP), describing it as dismissive of the challenges faced by businesses and harmful to economic confidence.
They are urging the BoG to inject more forex into the system, increase transparency in forex distribution, and work closely with commercial banks to streamline access.
Additionally, the group is calling for stricter enforcement measures to curb the growing influence of the black market.
“We support government efforts to stabilise the economy, but those efforts must be backed by swift and practical interventions that reflect the needs of genuine businesses,” the statement added.
PRESS STATEMENT
FOR IMMEDIATE RELEASE
Importers and Exporters Association of Ghana Calls on Bank of Ghana to Urgently Intervene in Persistent Forex Access Challenges
Tema, Ghana – 30th July 2025
The Importers and Exporters Association of Ghana expresses deep concern over the continuous challenges facing members of the business community in accessing foreign exchange (forex) through commercial banks, despite recent gains by the Ghana Cedi against major foreign currencies.
It is disheartening that while the Cedi has seen some level of appreciation, businesses continue to face significant hurdles in sourcing forex from traditional banking institutions. This situation has compelled many legitimate importers and exporters to resort to the black market, where forex is not only readily available but traded at inflated rates, exacerbating the cost of doing business and undermining macroeconomic stability.
We have taken note of recent media reportage on the lingering dollar shortage and the growing dominance of black market operators, commonly referred to as “Abokis”, who are hoarding foreign currency and dictating market prices. This alarming trend persists in the face of official data suggesting an improving forex position.
Even more concerning is the posture of some political actors, including a recent press engagement by the opposition New Patriotic Party (NPP), where mockery was made of the Cedi’s appreciation. While political debate is welcome in a democratic society, such commentary, especially when not grounded in factual economic realities, only serves to further shake the confidence of the business community and investors.
The Association is therefore calling on the Bank of Ghana to as a matter of urgency take concrete and pragmatic steps to release forex into the system and improve access for legitimate businesses. The central bank must also work closely with commercial banks to enhance transparency, accountability, and efficiency in forex allocation and distribution.
Furthermore, we are urging the BoG and relevant state institutions to intensify enforcement efforts to curtail the growing monopoly of the black market, whose influence in determining exchange rates poses a significant risk to national economic management and credibility.
The Importers and Exporters Association of Ghana remains committed to supporting government efforts to stabilize the economy. However, this support must be matched by responsive and targeted interventions that prioritize the needs of genuine businesses and protect the broader economic interest of the nation.
We respectfully urge the Bank of Ghana to act swiftly to arrest the situation before it spirals further out of control.
Signed
Samson Asaki Awingobit
Executive Secretary
Importers and Exporters Association of Ghana
Tel: 0243575046
Source: AdomOnline
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