A stark contradiction is crippling Ghanaian businesses engaged in importation, as the group is bemoaning an alarming trend of a purported shortage of dollars at the various commercial banks.
The association says it has observed that the Bank of Ghana (BoG) proudly announces a stabilized Cedi pegged officially at 10.3 to the US Dollar. Businesses say there is a growing trend of their inability to actually buy dollars at any bank at this rate, forcing them into the arms of a black market charging over 13 Cedis per Dollar.
This glaring gap between official pronouncements and market reality, described as “deeply worrying” and “not business-friendly” by importers, threatens to reverse recent economic gains and fuel inflation, undermining the very stability the BoG claims to have achieved.
In a strongly-worded press release, importers represented by Robert Tettch Nortey (Convenor) and Francis Oti Boateng (Secretary) detailed the crisis.
They say just as they welcomed news of Cedi stability, they were hit with a new, more insidious problem which is commercial banks claiming they simply have no US dollars to sell.
The importers claim the banks are not selling, citing the lack of dollars or the green bucks, leaving their members stranded in search of the currency. They are therefore compelled to resort to the black market, buying the dollars at exorbitant rates.”
The Irony Unpacked
The concerned importers say that while the BoG touts a stable exchange rate of 10.3 Cedis per Dollar, this rate exists only “on paper.” The physical dollars needed to transact at this rate are reportedly unavailable within the formal banking system.
While the official rate sits at 10.3, the practical cost for importers forced onto the black market has skyrocketed to over 13 Cedis per Dollar, leading to a crippling premium exceeding 26%.
The importers directly question the BoG’s effectiveness. According to the group, they cannot fathom why the Bank of Ghana announces 10.3 Cedis to a Dollar and the banks won’t make the dollar available. Is it because they don’t believe in the rate?
This points to a potential crisis of confidence within the banking sector regarding the sustainability of the BoG’s official rate or the sufficiency of forex reserves.
The BoG sets the rate but appears powerless, or inactive, in ensuring commercial banks comply and actually provide dollars at that rate. The present situation where the BoG only announces the forex rates, without the banks selling dollars, is deeply worrying,” the release states, highlighting the policy’s impotence.
The Devastating Impact
This disconnect isn’t just an administrative hiccup; it has severe real-world consequences:
There could be soaring import costs since businesses paying 13+ Cedis instead of 10.3 per dollar face drastically higher costs for essential goods and raw materials.
In addition, these increased costs will inevitably be passed on to consumers, driving up prices across the board and eroding the purchasing power of ordinary Ghanaians, directly contradicting the goal of stability.
The situation actively pushes legitimate businesses towards the illegal black market, weakening the formal financial system and reducing transparency.
Plea for Coherent Action
The importers urgently appeal to the Government and the BoG: “Let what they announce on paper be the reality.”
They demand concrete action to ensure banks sell dollars at the approved rate, arguing that “if this is not checked, prices of goods will continue to go up.”
For the importers, the core demand is clear: If the Cedi is truly stable, the BoG must not only announce rates but actively ensure liquidity and compliance within the banking system.
