The Minority in Parliament has issued a scathing critique of the government’s management of Ghana’s foreign exchange market, describing the situation as increasingly unstable and mismanaged.
Speaking at a press conference in Accra on Tuesday, July 29, Ranking Member on the Finance Committee, Dr. Mohammed Amin Adam, took direct aim at the administration’s handling of the cedi’s persistent depreciation. He accused the government of operating without a coherent plan to address the alarming state of the forex market.
The Minority’s concerns follow comments made by Finance Minister Dr. Cassiel Ato Forson during the presentation of the 2025 Mid-Year Budget Review on July 17, in which the Minister reportedly stated that “cedi no apicki.”
Dr. Amin Adam fired back, insisting the situation is far more dire than the Minister admits.
“Perhaps, the Minister should know that ‘Cedi no apicki, but Abochi get the Dollar,’” he remarked, referencing a pointed observation made earlier by Bolgatanga Central MP, Isaac Adongo.
He highlighted an ever-widening gap between the official interbank rates and forex bureau prices, alongside a severe shortage of dollars within commercial banks. The result, he said, is a growing struggle for importers and business owners who are unable to access the foreign currency they need to operate.
Dr. Amin Adam went further to accuse the Bank of Ghana of quietly injecting billions into the market while publicly denying any interventions. He claimed the central bank’s lack of transparency is contributing to market instability.
“It took the IMF to reveal that in just the first quarter of 2025, the Bank of Ghana injected over US$1.4 billion into the market,” he said. “Yet these interventions are ad hoc, opaque, and lack any transparent, rule-based framework.”
According to the Minority, the collapse in market confidence and the cedi’s continued fall are symptoms of the government’s broader economic mismanagement. They are now demanding a structured and transparent response from both the Finance Ministry and the Bank of Ghana to prevent further deterioration.
As pressure mounts, the Minority is calling for urgent reforms that will restore credibility, provide clarity, and offer relief to businesses buckling under forex-related constraints.
