The Minority in Parliament has issued a stern warning over what it describes as a growing economic emergency caused by persistent dollar shortages, accusing the government of gross mismanagement of Ghana’s foreign exchange (FX) market.
In a fiery press briefing, the opposition MPs took aim at the Finance Minister’s recent optimism, rejecting his claims that the cedi is “picking up” and instead describing the foreign exchange environment as unstable, opaque, and increasingly hostile to business.
“The shortage of dollars in the banks has become so pronounced that importers have gone public to express their frustration,” the Minority stated, adding that many traders have been left stranded, unable to access the foreign currency they need to run their businesses. They noted that the widening gap between official interbank exchange rates and those quoted by forex bureaus is creating deep anxiety across the commercial sector.
The Minority also challenged the credibility of government claims that Ghana’s FX reserves are under control. Citing IMF data, they revealed that the Bank of Ghana injected over US$1.4 billion into the market in just the first quarter of 2025 alone, despite repeated denials by authorities.
“These interventions are ad hoc, opaque, and lack a rule-based framework,” the group said, warning that the government’s uncoordinated responses are only heightening market volatility and damaging business confidence.
They accused the administration of turning a blind eye to the plight of the private sector, which they said is bearing the brunt of FX instability.
“From spare parts dealers to food importers, the business community is being suffocated by delays, scarcity, and unpredictable pricing,” the Minority stated. They described the current situation as unsustainable, particularly for small and medium-sized enterprises (SMEs), which they say have no means to hedge against the unpredictability of the FX market.
They further criticised the mid-year budget review, arguing that it failed to offer any concrete or sustainable strategy to address the worsening currency crisis.
In proposing a way forward, the Minority outlined key priorities for a future New Patriotic Party (NPP) administration, including ramping up local production to reduce import dependency, enforcing greater transparency in FX allocation and pricing, and adopting a rules-based approach to FX management.
“We cannot continue to watch Ghanaian businesses struggle while the government pretends all is well. The people deserve better,” the Minority concluded, calling for immediate reforms to stabilise the cedi and restore confidence in the economy.
