Ghanaian importers have raised concerns over worsening access to foreign exchange, warning that a growing number are being pushed towards the black market due to a lack of dollars at commercial banks.

Despite the Bank of Ghana (BoG) quoting an official interbank rate of GH¢10.30 to the dollar, traders report paying upwards of GH¢11.50 on the parallel market to secure the foreign currency they need.

According to a statement issued by the policy think tank Imani Ghana, this divergence reflects a serious disconnect between official exchange rate data and economic reality.

Businesses reliant on foreign exchange for routine operations, including spare parts dealers in Abossey Okai, say they have been effectively shut out of formal FX windows, even as the cedi has appreciated marginally in recent months.

“The cedi may be gaining on paper, but duties haven’t gone down,” one dealer told Imani. “Customs is still using inflated rates to calculate our charges, and the relief we were promised hasn’t materialised.”

A Managed Reality

The root of the mismatch, Imani Ghana suggests, lies in the BoG’s attempt to project an image of strength and stability.

By keeping the official interbank rate artificially low, the central bank hopes to bolster investor sentiment and reassure markets. But this tactic, according to Imani, is causing significant distortion.

“The interbank market is no longer a space for price discovery,” the think tank states. “It’s tightly controlled, with banks engaging in symbolic, low-volume trades that do not reflect genuine market pressures.”

This artificial pricing has made commercial banks wary of selling dollars at the official rate. With the true market value of the dollar far higher, banks would incur losses by transacting freely at the BoG rate.

Consequently, foreign exchange is being rationed within the formal banking sector, fuelling a two-tier system: an official rate that exists largely on paper, and a market rate that importers are forced to pay in practice.

Such a system, warns Imani, only exacerbates speculation, undermines confidence, and deepens Ghana’s long-standing foreign exchange woes.

Deeper Structural Weakness

But these distortions, the think tank argues, are only symptoms of a broader problem: weak economic fundamentals. Bright Simons, Vice-President of Imani Ghana, says the nation must address its structural inefficiencies if it hopes to build a strong and stable cedi.

“A resilient currency doesn’t emerge from rhetoric or rate management,” he said. “It comes from a productive, competitive economy.”

Simons identifies three key areas for reform:

1. Boosting Economic Competitiveness

Ghana must invest in sectors that enhance productivity and create globally demanded goods. Mechanised agriculture, smart industrialisation, modern infrastructure, skills development and technology transfer are essential.

With over 80% of exports still in raw commodity form, the country remains exposed to global price volatility and long-term currency weakness.

2. Smarter Trade Balance Management

Rather than curbing imports entirely, Ghana should prioritise those that support local production. By replacing low-value consumer imports with locally produced alternatives and diversifying its export base into processed goods and services, the country can strengthen its external accounts and reduce pressure on the cedi.

3. Transparent Industrial Policy

Imani calls for greater accountability in public investment. Citing examples such as EXIM Bank’s opaque funding of firms like Darko Farms and Ekumfi Juice, Simons argues that millions have been spent without clear results or public data.

“We need to learn what works, what doesn’t, and adjust accordingly. Secrecy has cost us dearly,” he said.

Political Short-Termism

Simons also warns against the public’s demand for quick fixes. “People want the cedi fixed overnight, but don’t consider the systemic reforms that take time. That pressure pushes politicians to opt for cosmetic measures measures that eventually fail.”

Until such reforms take root, Imani Ghana cautions that the current FX regime will continue to operate on shaky ground.

Importers and traders will remain vulnerable to black market volatility, import duties will stay misaligned, and the cedi’s true value will continue to be masked by policy engineering.

“The goal should not be to ‘fix the cedi’ for the headlines,” Simons concluded. “The goal must be to build an economy where the cedi is strong because the fundamentals support it.”

Click here for the full report by Imani Ghana.