By Daniel Bampoe
A wave of panic has gripped the foreign exchange market in Ghana as demand for the US dollar surges amid growing scarcity in official banking channels.
The cedi’s recent depreciation and the Bank of Ghana’s (BoG) clarification on foreign currency withdrawals have done little to calm fears, leading to a booming black market dominated by informal traders popularly known as “Abochis”.
Over the weekend, individuals in desperate search of US dollars reported severe difficulty acquiring the currency from traditional banking institutions with banks turning away their customers blaming the scarcity on Bank of Ghana.
Multiple commercial banks were unable to provide dollars, forcing many buyers to turn to the black market, where traders were reportedly selling the currency at GHS13 and above—significantly higher than official rates.
As of Friday, June 20, 2025, the BoG’s official exchange rate placed the US dollar at a buying price of GHS10.2949 and a selling price of GHS10.3052.
But most banks were displaying GHS10.82 for selling and even that the dollars were nowhere to be found.
The British pound was quoted at GHS13.8250 (buying) and GHS13.8398 (selling), while the euro stood at GHS11.8081 (buying) and GHS11.8188 (selling).
These rates reflect interbank averages used by commercial banks at the close of business on Thursday, June 19.
Despite these official rates, traders in Accra’s central business district and other parts of the country were charging well above GHS13 per dollar, highlighting a widening gap between formal and informal markets.
The Bank of Ghana has come under public scrutiny, with allegations that it was restricting over-the-counter (OTC) access to foreign currency.
In response, the central bank issued a statement denying any such ban and reaffirmed that no new restrictions had been imposed.
According to the BoG, holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are still permitted to make OTC withdrawals in foreign currencies.
For individuals without such accounts, foreign exchange purchases for travel are allowed up to a limit of $10,000 per trip.
However, buyers are required to present valid travel documentation, including a passport, visa, and confirmed airline ticket.
The BoG’s clarification, however, appears to have done little to curb public anxiety or restore confidence in the official supply system.
With the presentation of the official documents travelers are unable to get forex from their bankers.
Market watchers say the problem may stem not from policy changes, but from inadequate liquidity in the system and a rising preference for foreign currency as a store of value amid inflation concerns.
This has turned the black market into a profitable haven for informal forex dealers, who are reportedly experiencing a boom in business as demand outstrips supply in formal institutions.
