Addressing the media in Parliament on Tuesday, July 29, 2025, Ex-Finance Minister and Karaga MP, Dr. Mohammed Amin Adam noted that while government is boasting of the Cedi appreciation, the situation in the foreign exchange (FX) market presents a different narrative.
He explained that the FX market is seeing arbitrage between interbank market and the forex bureaus where the ‘Abochi’ is selling the Cedi at a higher rate compared to what the interbank market offers, despite government’s claim of cedi appreciation.
Dr. Amin Adam stressed that the forex market is also experiencing a growing scarcity of foreign exchange, noting that there are deep troubles facing the forex market.
“On the exchange rate situation, the Minister indicated that ‘Cedi no Apicki’. The developments in the foreign exchange market under this administration are deeply troubling.
“We are witnessing persistent arbitrage between the interbank market and the forex bureau alongside a growing scarcity of foreign exchange.
Read also: ‘Ghana Cedi no, Apicki’ – Finance Minister lauds currency appreciation
“Perhaps, the Minister should know that yes, Cedi no Apicki but Abochi get the dollar as honourable Adongo once said. And the arbitrage we are seeing is quite wide.
“While the minister is talking about interbank rate of GHC10 to a dollar, the Abochi is selling at over GHC13 to a dollar and on top the banks do not have forex to give to clients,” he stated.
The Minority caucus also accused government of mismanaging the Forex market. The group said the situation has left importers and traders stranded and cast doubt on the Finance Minister’s claim that the Ghanaian cedi is “picking up.”
According to the Minority, the mid-year budget review failed to provide sustainable solutions to the worsening foreign exchange crisis.
“The shortage of dollars in the banks has become so pronounced that importers have gone public to express their frustration,” the former Minister of Finance, Moahammed Amin Adam stated, adding that the disparity between interbank rates and forex bureau prices has deepened uncertainty in the business community.
Read also: We’re witnessing growing scarcity of foreign exchange under this gov’t – Minority
They further pointed to IMF disclosures that the Bank of Ghana injected over US$1.4 billion into the market during the first quarter of 2025, despite official denials.
“These interventions are ad hoc, opaque, and lack a rule-based framework,” the Minority warned, arguing that the market remains volatile and unpredictable for businesses.
