Ghana’s foreign exchange situation is increasingly being felt far beyond bank halls and policy discussions. While official figures from the Bank of Ghana suggest the cedi is relatively stable, many businesses and households are experiencing a very different reality when they try to buy dollars.
As of early February 2026, the Bank of Ghana’s interbank exchange rate places the cedi at about GH¢10.95 to the US dollar. This is the rate banks use for official transactions and the one published in economic reports. However, checks at forex bureaus in Accra, Kumasi and other commercial centres show the dollar selling at much higher prices, with many buyers paying around GH¢12.00 or more. For many Ghanaians, this higher rate is the one that matters most.
The difference between the official rate and what people actually pay has real consequences. Ghana depends heavily on imports, including medicines, spare parts, fuel and some food items. When importers buy dollars at higher prices, their costs rise. These extra costs are then passed on to consumers through higher prices in shops, pharmacies and markets.
Small business owners say the challenge is not just the price of the dollar, but access. Many traders explain that getting foreign exchange from banks often involves long processes, strict documentation and delays. For businesses that need to restock quickly, waiting is not an option. As a result, they turn to forex bureaus or informal dealers where dollars are available immediately, even though they cost more.
Economists acknowledge this gap between policy and practice. Professor Peter Quartey, Director of the Institute of Statistical, Social and Economic Research, has stated publicly that there is no shortage of foreign exchange for businesses that use formal banking channels and meet all requirements. According to him, traders who have proper documentation should be able to access dollars through banks. However, many small and medium-scale businesses say the formal system does not always work smoothly for them, pushing them toward alternative sources.
The Importers and Exporters Association of Ghana has also raised concerns about the situation. The Association has pointed out that even when the cedi appears stable in official data, many of its members still struggle to access foreign exchange through banks. This, they say, forces businesses to rely on more expensive sources, increasing the cost of doing business and affecting prices across the economy.
For ordinary Ghanaians, the impact shows up in daily life. Shop owners adjust prices more frequently. Families planning travel, school fees or overseas payments must budget using rates that change almost daily. In major cities, some landlords and service providers quietly think in dollar terms when setting prices, even though transactions are officially meant to be in cedis.
Regulators have repeatedly warned against this practice. The Bank of Ghana has reminded the public that only the cedi is legal tender for domestic transactions and that unlicensed foreign exchange trading is illegal under the Foreign Exchange Act. These warnings are aimed at protecting the currency and reducing speculation, but enforcement remains difficult as long as demand for quick and reliable dollar access stays high.
The wider economy presents a mixed picture. Inflation has slowed significantly, and some macroeconomic indicators show improvement. Yet the foreign exchange market tells another story. The continued gap between official exchange rates and market prices suggests that confidence in access to dollars remains fragile.
For many businesses and households, the real exchange rate is not the one announced by policymakers, but the one they encounter when they need to make a payment. Until banks can meet foreign exchange demand more consistently and the gap between official and market rates narrows, Ghana is likely to continue living with two exchange realities: one on paper and another in everyday life.
