The President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has 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 affecting business operations, particularly for importers and small-scale traders.

He noted that the situation has forced many traders to resort to the black market, where 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.

"There is a general unavailability of foreign currency at the banks, and this could fuel speculation in the economy. Such speculation has the potential to erode the gains we’ve made so far, gains that some may already view as artificial. If we are unable to access forex from the banks, why should we continue to do business with them, especially when the forex is readily available at the forex bureaux or the black market?,” he questioned.

Dr Obeng continued, “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 therefore called on financial authorities, including the Bank of Ghana, to work more closely with commercial banks to ensure adequate forex supply for legitimate business transactions.

Dr Obeng also stressed that the current situation, if left unaddressed, could lead to price hikes, inflationary pressures, and the collapse of many small businesses.

The Graphic Business/Stanbic Bank Breakfast Meeting, held under the theme "Sustaining Forex Gains: Business and Economic Impact," brought together key stakeholders from the financial and business sectors.

The meeting served as a platform to discuss pressing economic issues, including currency stability, inflation, and trade financing.

MA

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