The Minority in Parliament has raised red flags over what it describes as disturbing trends in Ghana’s foreign exchange market, accusing the current administration of presiding over the steady decline of the cedi without a coherent strategy.
According to the Ranking Member on the Finance Committee, Dr. Mohammed Amin Adam, the government’s approach to managing the local currency, warning that the situation is worse than officials are willing to admit.
Speaking at a press conference in Accra on Tuesday, July 29, in response to recent remarks made by Finance Minister Dr. Cassiel Ato Forson during the presentation of the 2025 Mid-Year Budget Review on Thursday, July 17, where the Minister reportedly conceded that “cedi no apicki” Dr. Amin Adam countered with a sharp retort: “Perhaps the Minister should know that ‘cedi no apicki, but Abochi get the dollar,’” referencing a popular quip by Bolgatanga Central MP, Isaac Adongo.
According to the Minority, the real situation on the ground points to a deepening crisis. Dr. Amin Adam cited a growing disparity between official interbank exchange rates and rates quoted by forex bureaus, alongside a troubling shortage of dollars in the commercial banking system.
“These shortages are crippling importers and affecting business operations,” he stated.
He also accused the Bank of Ghana of engaging in secretive interventions to prop up the currency. “It took the IMF to expose that over US$1.4 billion was pumped into the market in the first quarter of 2025 alone,” he said, arguing that such interventions are arbitrary and lack transparency.
The Minority contends that the cedi’s persistent depreciation is the result of poor economic management and the absence of a sound, rule-based approach to currency stability.
