Despite billions of dollars flowing into Ghana’s economy this year, businesses are still struggling to access foreign currency to pay for imports and conduct their business operations. From electronics traders in Accra to pharmaceutical importers in Kumasi, one complaint is constant: “We are not getting dollars at the bank.”
Business associations such as importers and exporters, as well as the Ghana Union of Traders Association (GUTA), have had cause to complain about the situation.
This situation has got many analysts and followers of the economy asking whether this is really true.
A deeper dive into Ghana’s foreign exchange inflows and outflows in recent months by The High Street Journal reveals an interesting phenomenon.
The numbers suggest the country may not be suffering from a dollar shortage, but rather, maybe, a distribution problem or possible hoarding. So, Where Are the Dollars?
Let’s start with the numbers
In the first four months of 2025, Ghana recorded a GH¢4.14 billion trade surplus, meaning we exported more than we imported. Exports of gold, cocoa, and oil helped drive foreign currency earnings above expectations.
The country also has very healthy reserves. The Central Bank confirms Ghana’s foreign exchange reserves now hover around $11 billion, enough to cover nearly five months of imports.
In fact, the BoG added US$1.6 billion to its reserves for the first six months of the year, surpassing the International Monetary Fund’s (IMF) reserve build-up target of US$493 million for the first half of 2025.
This confirms that indeed the country has an adequate supply of dollars, not to mention the disbursement by both the IMF and World Bank.
The regulator with these forex reserves is intervening on the market too. The Bank of Ghana (BoG) has pumped over $1.4 billion into the market in just the first quarter of 2025. This is more than what it spent throughout the whole of 2023.
Moreover, over $264 million was injected in the system in March alone
With that much forex in the system, why are businesses finding it difficult to get the dollars at the commercial banks, leading to the payment of premiums on the black market?
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Why the Bottlenecks?
While the central bank has made these dollars available to commercial banks, many traders say they can’t access the funds at the official rates.
Some banks, according to traders and associations like GUTA, are either prioritising select clients, hoarding forex, or delaying disbursement altogether.
This forces desperate importers to turn to the parallel market, where rates are significantly higher, driving up the cost of goods and weakening the cedi.
Think of it this way that Ghana has a full water tank (forex reserves), the tap (BoG) is open, but the pipes (commercial banks) are either leaking, clogged, or being controlled by gatekeepers.
There are at least three possible reasons.
The first could be an actual shortage of forex. However, this reason is not likely since the data doesn’t support this.
The second could be the inefficiencies in forex allocation, which is likely.
The third reason is possible hoarding or mismanagement, which is very likely.
What Can Be Done?
The BoG must audit and monitor how commercial banks distribute forex. There should be transparency in how much forex is allocated to each bank and who they give it to.
Ghana may also need to liberalise parts of the forex market, gradually introducing more market-driven mechanisms to reduce bottlenecks.
The situation is an indication that Ghana’s forex isn’t missing. It’s just not moving. The system is jammed, and until we fix the plumbing, businesses will keep paying more than they should. The result? Higher prices, a weaker cedi, and a frustrated private sector.
It’s time for the regulator to unblock the pipeline. Not with more dollars, but with real actions that ensure the free flow of the forex to ease the frustration of the business community.
Source: thehighstreetjournal
