Ghana’s economy is still under severe financial stress despite signs of recovery, according to Joe Jackson, Director of Business Operations at Dalex Finance.
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Speaking on TV3’s Ghana Tonight in reaction to the 2025 mid-year budget presentation, Jackson cautioned that the country’s revenue challenges and currency instability signal continued economic vulnerability.
“Ghana is still broke. Revenue underperformance, particularly in customs collections, is a major risk. Smuggling, wage pressures, and forex disparities are deepening the crisis,” he stated.
He expressed concern about the widening gap between the Bank of Ghana’s official exchange rate and the parallel market, describing it as a troubling indicator of limited dollar supply.
“When people pay more at forex bureaus, it means the banks can’t meet demand. That’s a red flag,” Jackson warned.
Abochi Dollar dealers still dominate
Adding to the discussion, Dr. Joshua Jebuntie Zaato, a political science lecturer at the University of Ghana, criticized the government’s failure to address the role of abochi (unauthorized forex middlemen) in the currency market.
“You go to the bank and there’s no dollar, but the abochi behind the bank has it at a higher rate. That’s a serious problem,” he said on TV3’s Key Points.
Dr. Zaato also accused the Mahama administration of mixed messaging. While the Finance Minister, Dr. Ato Forson, praised the previous government’s groundwork during engagements with the IMF, he painted a grim picture of the economy when addressing Ghanaians.
“They say Ghana was a crime scene, but then tell the IMF that the foundation for recovery was strong. That’s inconsistent,” he noted.
During his budget presentation, Dr. Forson reiterated that the Mahama government inherited a fragile financial sector, saddled with bad loans and a failing IMF programme.
“We’ve made progress, but the economy was in shambles when we took over,” he said.
