A group of importers in the country are expressing frustration with banks over their refusal to make US dollars available for their business needs.

According to them, what the Bank of Ghana regularly announces as the interbank rate does not reflect the reality, leading to the refusal of banks to make dollars available for sale.

"On paper, the cedi is supposed to stabilise, which means we should be able to get dollars at the approved and lower rates from the bank, but that is not the case. We are not getting the dollars from the bank. It is very difficult," they said in the statement.

The situation, they say, has compelled them to resort to the black market to bear with offers at exorbitant rates.

''As businessmen who import goods, our main trading currency is the US Dollar, which we buy from home for our external transactions. And the Cedi's recent stability against the US Dollar came as good news to importers and traders, for obvious reasons. However, just as we began to revel in the stability, we are now confronted with another challenge of struggling to buy US Dollars from the banks," the importers noted.

The group has raised questions about the credibility of the Bank of Ghana's quoted exchange rate, following persistent challenges in accessing U.S dollars from commercial banks.

Despite BoG announcing 10.3 cedis to a dollar, banks are not making the currency available at that rate.

They question whetehr the bank has lost confidence in the central bank's figures, citing a significant gap between official rates and those on the open markets.

The importors said they have decided to  "express their concern through the media," because they did not understand "why they are not getting dollars from the banks at approved rates when the government has been giving assurances."

"If the Cedi has really stabilised as is being portrayed, then the Bank of Ghana should compel the banks to have confidence in its rate and sell dollars at the same rates to traders.The present situation where the BoG only announces the forex rates, without the banks selling dollars is deeply worrying."

As of today, Bank of Ghana reports that the cedi is trading at a buying price of GH¢10.39 and a selling price of GH¢10.40 to the dollar as of July 16, 2025.

While the British pound is being bought at GH¢13.92 and sold at GH¢13.93 while the euro is trading at a buying price of GH¢12.07 and a selling price of GH¢12.08.