In a press briefing on July 29, 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.
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.
The NPP MPs insisted that the government’s management of the foreign exchange market is undermining private sector confidence.
“From spare parts dealers to food importers, the business community is being suffocated by delays, scarcity, and unpredictable pricing,” the Minority stated.
They emphasised that the lack of a coherent policy has made planning nearly impossible for many small and medium-sized enterprises (SMEs).
Calling for urgent reforms, the Minority proposed that a future NPP government would prioritise foreign exchange stability by boosting domestic production, enhancing transparency in foreign exchange transactions, and reducing dependency on imports.
“We cannot continue to watch Ghanaian businesses struggle while government pretends all is well. The people deserve better,” they concluded.
