Concerned Importers decry Dollar Shortages at Banks, forced to buy at black market rates

A group of importers and traders known as Concerned Importers has raised alarm over the unavailability of U.S. dollars at official interbank rates from local banks, despite the cedi’s recent appreciation against the dollar.

In a statement issued this week, the group lamented that many of its members have been unable to access foreign currency through the formal banking system. As a result, they are being forced to turn to the black market, where the exchange rate is significantly higher.

“For some days now, our members have been left in limbo as many of the banks claim they don't have US dollars,” the statement said. “This has compelled importers to resort to the black market where the dollar is selling for over GH¢13—well above the interbank rate of around GH¢10.30.”

The group expressed frustration at what it described as a growing disconnect between the official Bank of Ghana (BoG) exchange rate and the actual situation on the ground, warning that the current dynamics are not conducive to business operations.

“On paper, the cedi is said to have stabilised, but the reality is very different. The banks are not selling dollars at the approved rate, and we’re being forced to buy from the parallel market at inflated prices,” the group added.

They argued that this lack of access to foreign exchange is already contributing to rising costs and warned that, if not addressed promptly, the situation could trigger a fresh wave of price hikes in essential goods and imported items.

The importers also suggested that the banks’ reluctance to sell dollars at official rates may reflect a lack of confidence in the BoG’s benchmark rates.

“There’s a huge disparity between what the Bank of Ghana publishes and what is happening in the market. It appears the banks do not trust the BoG’s rate and are simply not making dollars available to us,” the statement noted.

The group called on the government and the central bank to take urgent action to bridge the gap between the official and market exchange rates and ensure that dollars are made available to importers at fair and regulated prices.

“If this is not checked, we risk escalating inflation and worsening economic conditions for businesses and consumers alike,” the group warned.