Minority Hits Govt Over Forex Mismanagement: "Cedi Apicki, but Abochi Get the Dollar"
Accra, Ghana – 29 July, 2025 – The Minority in Parliament has expressed deep concern over the current state of Ghana's foreign exchange market, criticizing the government's handling of the cedi's depreciation. According to Dr. Mohammed Amin Adam, Ranking Member on the Finance Committee, the situation is far more serious than the government suggests.
Dr. Amin Adam's remarks come in response to comments made by Finance Minister Dr. Cassiel Ato Forson during the presentation of the 2025 Mid-Year Budget Review. Dr. Forson had stated that "cedi no apicki," implying the cedi's stability and appreciation in recent months. However, Dr. Amin Adam countered with a popular phrase, "Cedi no apicki, but Abochi get the Dollar,".
Dr. Amin Adam pointed out a growing gap between official interbank rates and forex bureau rates, coupled with a severe shortage of dollars in commercial banks mentioning that importers are finding it difficult to access foreign currency, which is hampering their operations and potentially driving up prices.
The Minority accused the Bank of Ghana of secretly injecting billions into the market to stabilize the cedi while publicly denying such interventions.
Dr. Amin Adam emphasized the need for a transparent, rule-based framework for foreign exchange interventions, citing an IMF advisory. He also accused the government of taking undue credit for achievements inherited from the previous administration.
The Minority is calling for urgent reforms to restore credibility and provide relief to businesses struggling with forex-related constraints. They believe that the persistent fall of the cedi is a direct result of economic mismanagement by the government.
Source: Lead News Online/Emmanuel Kofi Ahadzi
