Ghana’s foreign exchange market currently operates on a dual pricing system, with commercial banks offering dollars at approximately 10.30 cedis while forex bureaus sell at 12 cedis.
This discrepancy stems from fundamental differences in how these institutions access and distribute foreign currency.
Banks trade at the official interbank rate through large-volume transactions with international partners and corporate clients. Forex bureaus, serving retail customers, must account for operational costs and currency risks through markups. “We’re facing dollar scarcity in the retail market,” a bureau operator told The High Street Journal, noting that hoarding behavior has exacerbated the supply crunch.
The gap widened significantly in April 2025, when interbank rates reached 15.56 cedis per dollar while retail markets hit 16.10. Economic analysts attribute this to Ghana’s exclusion from international capital markets and production constraints in key export sectors. President Mahama has acknowledged the cedi’s valuation likely falls between 10-12 cedis when balancing trade needs.
Consumers pay premium rates at bureaus for immediate access without documentation requirements. A student paying overseas tuition, for instance, might choose a bureau’s faster service despite higher costs rather than navigating bank approval processes.
Financial experts recommend comparing bureau rates, using domiciliary accounts, and exploring digital transfer platforms for better value. The Bank of Ghana continues periodic dollar injections – including a $264 million release in March – to stabilize the currency.
This exchange rate disparity reflects broader economic challenges rather than market manipulation. Until Ghana strengthens its dollar reserves through increased exports and foreign investment, the gap between official and retail rates will persist, underscoring the need for structural economic reforms.
