Cedi no apicki, but Abochi get the dollar – Minority fires back at Ato Forson

The Minority in Parliament has dismissed claims by Finance Minister Dr. Cassiel Ato Forson that the Ghanaian cedi is showing signs of stability, arguing that the lived reality of traders and importers tells a completely different story.

Addressing the media in Parliament on Tuesday, July 29, Ranking Member on the Finance Committee and Karaga MP, Dr. Mohammed Amin Adam, described the government’s narrative as misleading. He said the foreign exchange market continues to experience serious pressure, with a growing scarcity of dollars affecting economic activity.

“On the exchange rate situation, the Minister indicated that ‘cedi no apicki’,” Dr. Amin Adam said, referencing the Finance Minister’s comment during the 2025 Mid-Year Budget Review presentation on July 17. “The developments in the foreign exchange market under this administration are deeply troubling. Perhaps, the Minister should know that ‘cedi no apicki, but Abochi get the dollar’,” he added, borrowing a phrase earlier used by Bolgatanga Central MP, Isaac Adongo.

He explained that while the government quotes an interbank rate of around GHC10 to the dollar, the actual market rate — especially among street forex vendors — is well over GHC13. “The banks don’t even have forex to give to clients,” he noted. “Importers are stranded, and the shortage is so visible that people are now going public about it.”

The Minority also accused the Bank of Ghana of intervening in the forex market without transparency. According to Dr. Amin Adam, the central bank has secretly pumped billions of dollars into the system, even though officials have publicly denied doing so.

“It took the IMF to reveal that in just the first quarter of 2025, the Bank of Ghana injected over US\$1.4 billion into the market. Yet these interventions are ad hoc, opaque, and lack any transparent, rule-based framework,” he said.

He concluded by stating that the volatility in the forex market is a direct result of what he called “persistent economic mismanagement” by the current administration. The Minority insists that the government must stop painting a rosy picture of the cedi’s performance and instead focus on practical, sustainable measures to stabilise the currency.