President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has raised alarm over the growing difficulty traders face in accessing foreign exchange from commercial banks, pushing many to rely heavily on the black market.
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Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra, themed “Sustaining Forex Gains: Business and Economic Impact,” Dr. Obeng lamented that foreign exchange is simply unavailable at most banks, making business operations increasingly frustrating.
“As I am speaking, we find it difficult to access forex at the banks. There’s no availability at the forex itself,” he stated.
According to him, this scarcity is driving speculation that the cedi’s recent appreciation may not reflect real market fundamentals.
He added that over 60% of trader transactions now happen through the black market, as traders struggle to secure the forex needed for imports and payments.
High Port Duties Fuel Under-Declarations
Dr. Obeng also addressed the high cost of import duties, describing them as excessive and a major reason why some traders under-declare goods or avoid formal channels.
“If you import goods worth $100,000, you need between $55,000 to $65,000 to clear them. Nowhere in the world do you pay that kind of duty,” he noted.
He emphasized that this burden forces traders into unofficial transactions, making it difficult for the Bank of Ghana (BoG) to track actual forex flows in the economy.
Accountability vs Accessibility
The GUTA President further criticized banks for demanding detailed accounting records, an area he believes should be handled solely by the Ghana Revenue Authority (GRA).
“The banks should focus on basic requirements like the bill of lading and invoice. Accountability is the GRA’s responsibility,” he said, arguing that the current system discourages traders from using formal financial institutions.
Stronger Cedi, But at What Cost?
Despite recent gains, with the cedi appreciating nearly 16% against the dollar and being named the best-performing global currency in 2025, Dr. Obeng stressed that access to forex remains a bigger challenge for businesses than the exchange rate itself.
Fitch Solutions forecasts the cedi to end the year at GHC15.50 per dollar, with an annual average of GHC15.30, raising fresh questions about whether businesses are truly benefiting from the currency’s strength.
