File photo of US dollar notes

A group of importers and traders called “Concerned Importers” has said banks in the country are refusing to make the US dollars available for them to buy at interbank rates.

In a statement, the importers said in spite of the fall of the dollar against the cedi, they find it difficult to access dollars in the banks at approved rates, leaving them with the only option of buying it at exorbitant rates from the black market.

“For some days now, our members have been left in a limbo as many of the banks claim they don't have US dollars, a development which has compelled importers to resort to the black market for dollars at exorbitant rates,” the group noted in a statement.

“On paper, the cedi is supposed to have stabilised and a dollar is supposed to be sold to us at GH¢10.3 or the prevailing interbank rate. However, what is on paper is not the reality confronting us.

“The banks are not selling and our members have had to resort to the black forex market to buy dollar as high as over GH¢13. This situation is not business-friendly and not fair to us and the general population,” the importers lamented while urging the government to take pressing steps to resolve the situation in order to avoid price hikes.

“If this is not checked to ensure the banks sell dollars to importers at the approved rate, prices of goods will continue to go up.”

The group lamented the huge disparity between the Bank of Ghana's forex rates and what it called “the reality in the forex market”, stating that banks are refusing to make dollars available at the BoG's rate because, to them, the banks don't have confidence in the central bank's rates.

Read full statement below:

AME

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