The Bank of Ghana has assured the Ghana Union of Traders Association (GUTA) that it is working to ensure sufficient foreign exchange (forex) is available to traders on the exchange market.

This comes in response to recent complaints by GUTA regarding the shortage of dollars on the market.

The Union expressed concern over the persistent difficulties traders face in accessing foreign exchange through the banking system.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra on July 15, 2025, Dr Obeng highlighted how the lack of reliable forex access is severely impacting business operations, particularly for importers and small-scale traders.

He noted that the situation has forced many traders to turn to the black market, where exchange rates are significantly higher and more volatile.

“There are many reasons why traders choose to do business with particular financial institutions. As I speak, we [traders] are finding it extremely difficult to access foreign exchange at the banks. The forex simply isn't available, and we have some bankers present at this event who, I believe, should address this situation,” he stated.

However, in a statement sighted by GhanaWeb Business and issued by the GUTA President, the Association acknowledged the Bank of Ghana’s assurance to promptly address the issue.

“Following numerous complaints by members of the business community about difficulties in accessing foreign exchange from commercial banks, a meeting was held between the Bank of Ghana and the leadership of GUTA, during which the Bank assured the business community that there is enough forex available, and that there is no cause for alarm,” the statement noted.

It further stated that the central bank is currently engaging commercial banks to determine the cause of the perceived forex shortage and urged calm in the market.

“The Bank of Ghana also intimated that it will communicate with the commercial banks to find out the cause of the perceived shortage, and will do everything necessary to resolve the problem. In light of this, the leadership of GUTA is asking members of the business community to remain calm as the Central Bank works to resolve the issue,” it added.

The statement concluded with a call for feedback from members: “However, members should report to us if the problem persists.”

SSD/MA

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