The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has urged the Bank of Ghana (BoG) to intervene urgently to stabilise the forex market following the recent crackdown on black market dealers.
He said the operation triggered sharp increases in exchange rates within hours, warning that fuel prices could rise if the situation is not corrected quickly.
According to Mr Amoah, the open market rate moved from about ¢12.3 to as high as ¢12.95 in a matter of hours.
Although interbank rates remain lower, he explained that many businesses cannot access dollars from banks and are therefore forced to purchase them on the open market.
He said the swoop has disrupted supply, as many traders are now unwilling to sell dollars for fear of arrest, allowing the few who remain active to raise prices.
Mr Amoah warned that if the Bank of Ghana does not intervene, the cedi could weaken further to ¢13 or beyond, with immediate consequences for fuel prices.
While praising the central bank’s overall performance this year, he cautioned that the current trend poses a serious risk.
He noted that BoG’s forex injections have declined from past levels of up to $200 million to about $40–$60 million, even though the petroleum sector alone requires roughly $400 million.
He described the situation as undesirable and called on authorities to review the impact of the arrests on the forex market to prevent further economic disruption.
