Ghana’s opposition lawmakers on Tuesday renewed criticism of the government’s handling of the national currency, accusing the administration of lacking a coherent strategy to address the cedi’s persistent depreciation against major foreign currencies.
Speaking at a press conference in Accra, Dr. Mohammed Amin Adam, Ranking Member on Parliament’s Finance Committee, described the situation in the foreign exchange market as dire, with a widening gap between interbank rates and those quoted by forex bureaus. He warned that a growing shortage of U.S. dollars in the commercial banking sector is disrupting trade and strangling import-dependent businesses.
The comments were issued in response to remarks made earlier this month by Finance Minister Dr. Cassiel Ato Forson during his mid-year budget presentation, in which he reportedly acknowledged the cedi’s ongoing struggles with the phrase, “cedi no apicki” — a colloquialism meaning the currency is recovering.
“The reality on the ground is worse,” Dr. Amin Adam said. “Perhaps the Minister should know that while the cedi is not recovering, ‘Abochi get the dollar,’” he added, referencing a popular local expression and echoing a previous comment made by MP Isaac Adongo.
The Minority also alleged that the Bank of Ghana has been intervening in the market through undisclosed dollar injections, undermining transparency. Dr. Amin Adam claimed that the central bank pumped over $1.4 billion into the economy during the first quarter of 2025 alone — a figure, he said, was only revealed in an International Monetary Fund (IMF) report, not through official disclosures.
“These interventions are ad hoc, opaque, and not guided by any clear, rule-based framework,” he said. “This is economic firefighting, not management.”
The Minority in Parliament maintains that the cedi’s sustained depreciation is a direct consequence of broader economic mismanagement by the opposition New Patriotic Party government.
