Accra, July 18, 2025 – The Bank of Ghana (BoG) faced a wave of criticism from netizens on Thursday following its announcement of the day’s foreign exchange rates, which many described as disconnected from the realities of the forex market.
The central bank’s official post on its Facebook page, released around 10:00 AM, set the US dollar’s buying rate at 10.42 GHS and the selling rate at 10.43 GHS. However, Ghanaians online quickly pointed out a stark contrast, with black market rates reportedly exceeding 13 GHS per dollar.
Public frustration was palpable in the comments section of the BoG’s post, where users accused the central bank of losing touch with the market. “Bank of Ghana has the rate, but Zamarama has the dollars,” one user quipped, referring to informal forex traders.
Another commented, “You control the rate online, but abokyi controls it offline in the black market,” highlighting the dominance of black market operators in dictating real-world rates.
The criticism comes amid growing concerns from importers, who, on Wednesday, voiced their struggles to access dollars from commercial banks. They accused banks of withholding dollars due to the wide gap between the BoG’s rates and those in the informal market, forcing them to buy at inflated black market prices.
“Why are the banks not having dollars to sell to importers?” one user asked, echoing the importers’ plight, which they say is crippling their businesses.
Economic experts have weighed in, attributing the disparity to a lack of trust in the BoG’s exchange rate policies. Professor Godfred Bokpin, a noted economist, explained that the thriving black market reflects a “dual-track FX market,” where informal operators are more trusted due to their ability to meet demand at competitive rates.
Posts on X further corroborated this, noting black market rates ranging from 11.5 to 14 GHS per dollar, driven by high demand for fuel imports and payments to power producers.
The BoG has attempted to stabilize the cedi, injecting $1.4 billion into the forex market in Q1 2025, which helped appreciate the currency from 14.7 to 10.37 GHS per USD. However, the International Monetary Fund (IMF) has cautioned against heavy interventions, advocating for greater exchange rate flexibility to close the gap with black market rates.
Analysts also suggest structural reforms, such as formalizing foreign currency accounts to curb reliance on informal markets.
As the cedi faces ongoing pressure, the public’s outcry underscores a broader challenge: restoring confidence in the BoG’s rates.
With importers and ordinary Ghanaians turning to the black market, the central bank’s efforts to stabilize the currency risk being undermined unless it addresses the root causes of this disparity
