‘Abochi Get the Dollar’ – Amin Adam Exposes Cedi Crisis

Dr. Mohammed Amin Adam, former Finance Minister and Member of Parliament for Karaga, has taken a swipe at the government’s claim of Cedi appreciation, stating that realities on the ground point to a worsening foreign exchange situation.

Dr. Amin Adam challenged the Minister’s assertion that the “Cedi no Apicki,” describing the comment as misleading given the current pressures facing the foreign exchange (FX) market.

“On the exchange rate situation, the Minister indicated that ‘Cedi no Apicki’. The developments in the foreign exchange market under this administration are deeply troubling,” he said while addressing the press in Parliament on Tuesday, July 29, 2025.

He highlighted growing discrepancies between the official interbank rates and those at forex bureaus, coupled with an alarming scarcity of dollars across commercial banks.

“We are witnessing persistent arbitrage between the interbank market and the forex bureau alongside a growing scarcity of foreign exchange,” he noted.

Dr. Amin Adam didn’t hold back, referencing a now-popular statement made by fellow MP Isaac Adongo: “Perhaps, the Minister should know that yes, Cedi no Apicki but Abochi get the dollar as Honourable Adongo once said. And the arbitrage we are seeing is quite wide.”

He explained that while the official interbank rate is being quoted at around GH¢10 to the dollar, “the Abochi is selling at over GH¢13 to a dollar and on top the banks do not have forex to give to clients.”

The situation, he warned, is affecting importers and ordinary businesspeople who are struggling to access forex for trade and operations.

“The shortage of dollars in the banks has become so pronounced that importers have gone public to express their frustration,” he stated.

The Minority further criticised government’s approach to managing the FX market. “These interventions are ad hoc, opaque, and lack a rule-based framework,” they cautioned, adding that the volatility and unpredictability of the market is pushing businesses to the edge.

Source: Liberalprint.com