You check the Bank of Ghana website, and it says one US dollar is worth about 10.30 cedis. But step into a forex bureau at Circle or Osu, and they’re selling that same dollar for 12 cedis. You pause. Is this legal? Are they cheating the system?
The truth is, both prices are correct, they just come from two different parts of Ghana’s foreign exchange market.
Banks and big institutions deal in the interbank rate, where bulk transactions (millions of dollars at a time) happen between governments, corporations, and international players. This rate is lower, akin to buying kenkey wholesale straight from the maker.
Forex bureaus, however, operate in the retail market, serving individuals, travelers, and small businesses. To stay afloat, they add a markup. They might buy your dollar at 11.75 cedis and sell it at 12 or higher, covering costs like rent, staff salaries, and the risk of currency fluctuations.
Also, a forex bureau executive reveals to The High Street Journal that bureaux are not getting enough dollars to trade. The few who bring in dollars demand higher rates. People have enough dollars but are hoarding them. He predicts the market will normalize soon, but for now, scarcity drives up prices.
This aligns with broader trends. In most part of April 2025, the cedi traded at 15.56 to the dollar on the interbank market but soared to 16.10 in retail spaces due to speculative pressures and limited forex liquidity. Even President Mahama acknowledges the cedi’s “true value” lies between 10–12 cedis, balancing import affordability with export competitiveness.
Banks require documentation such as school invoices, travel tickets, or supplier receipts and approvals can take days. Forex bureaus offer dollars in minutes, no questions asked. That speed costs you. For example, Akua needs $1,000 urgently for her sister’s fees abroad. The bank demands a 72-hour wait. The bureau across the street delivers immediately at a higher rate. She pays for convenience, not deception.
The widening spread between bank and bureau rates signals cedi pressure. When the dollar demand outstrips official supply, prices spike in the open market like onions in the dry season. Key drivers include Ghana’s inability to access international capital markets has strained dollar supply, individuals and businesses hold onto dollars, fearing further depreciation and despite rising gold and cocoa prices, production bottlenecks and past contract defaults limit dollar inflows.
So, what can the average Ghanaian do?
Try to shop around since rates vary even among bureaus. Compare before exchanging. Again, use domiciliary accounts. Hold dollars directly to avoid conversion fees. Explore fintech platforms like LemFi and Hurupay offer competitive rates for transfers (e.g., 10.25 cedis per dollar). Finally, monitor central bank interventions, like the $264 million forex injection in March 2025 to stabilize the cedi.
The fact that you pay more at the forex bureau doesn’t mean someone is cheating. It means our economy is going through a period of imbalance. Until Ghana earns more dollars from exports, tourism, and investment, the pressure will remain and so will the gap.
But knowing how the system works puts you in a better position to protect your money.
The High Street Journal is here to help you understand how the economy affects your everyday life. If this article made things clearer, share it with a friend.
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