The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has raised serious concerns over the ongoing difficulties traders face in accessing foreign exchange through the formal banking system.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra on July 15, 2025, Dr. Obeng emphasized that the persistent forex shortages are severely disrupting business operations, especially for importers and small-scale traders who rely on foreign currency to sustain their businesses.

He lamented that due to the unavailability of forex at commercial banks, many traders are being forced to turn to the black market, where exchange rates are not only significantly higher but also highly unstable.

“As I speak, we [traders] are finding it extremely difficult to access foreign exchange at the banks. The forex simply isn’t available,” Dr. Obeng stated. “Some bankers are here today, and I believe they should respond to this concern. If the banks can’t supply the forex, why should we continue doing business with them when it’s more readily available at the forex bureaux or on the black market?”

He warned that such reliance on the informal market could drive speculative activity, which threatens to undermine recent economic gains, many of which he said are already viewed by some as fragile or artificial.

Dr. Obeng further noted that the unpredictability of forex access makes it nearly impossible for businesses to plan effectively. “It has become increasingly difficult to get dollars or other foreign currencies through our banks. Businesses cannot plan, and traders are being pushed into the parallel market where rates are out of control,” he said.

He called on financial regulators, particularly the Bank of Ghana, to work closely with commercial banks to improve forex availability for legitimate business needs. According to him, failing to address the issue could trigger inflation, price increases, and the collapse of small businesses across the country.

The Graphic Business/Stanbic Bank Breakfast Meeting, held under the theme “Sustaining Forex Gains: Business and Economic Impact,” brought together stakeholders from the financial and business sectors to deliberate on key economic challenges, including currency stability, inflation, and access to trade financing.