The Concerned Importers of Ghana (CIG) are calling on the government and the Bank of Ghana to urgently address what they describe as persistent difficulties in accessing US dollars from banks, despite recent reports of cedi stability.
In a statement issued on Wednesday, July 16, 2025, the group said the inability of its members to secure foreign exchange through official banking channels is forcing many importers to turn to the black market, where rates are significantly higher than those published by the central bank.
According to the group, although the Bank of Ghana has pegged the official exchange rate at GH¢10.30 to the dollar, banks are either unwilling or unable to sell dollars to importers at this rate. As a result, traders are resorting to the black market, where rates reportedly exceed GH¢13 to the dollar.
“This situation is not business-friendly and not fair to us and the general population,” the statement read. “If this is not checked to ensure the banks sell dollars to importers at the approved rate, prices of goods will continue to go up.”
The importers argue that the disconnect between official exchange rates and the reality on the ground undermines public confidence in the Bank of Ghana’s assurances. They also questioned why banks appear reluctant to sell dollars at the published rate if the cedi is indeed as stable as government communications suggest.
“If the cedi has really stabilised as is being portrayed, then the Bank of Ghana should compel the banks to have confidence in its rate and sell dollars at same rates to traders,” the group demanded.
They warned that the current situation threatens to worsen inflationary pressures, as importers pass on the higher costs to consumers.
