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By Samuel Asamoah
The Importers and Exporters Association of Ghana (IEAG) has urged the Bank of Ghana (BoG) to step up interventions in the foreign exchange (forex) market, citing persistent scarcity of dollars in commercial banks and the rising dependence of traders on the black market.
The Association, led by its Executive Secretary, Samson Asaki Awingobit, paid a courtesy call on the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, at the Bank’s Head Office in Accra on Wednesday. The delegation was received on behalf of the Governor by the Second Deputy Governor, Matilda Asante-Asiedu.
Mr. Awingobit commended the BoG for its monetary policies, which he said have helped stabilize the Ghana cedi in recent months. However, he expressed worry that many importers and exporters continue to struggle to access forex from the banks and are forced to resort to the parallel market at higher rates.
He also criticized what he described as inconsistent practices by some commercial banks and shipping lines, which, according to him, quote exchange rates different from the official BoG rate. He called for a unified system to enforce the application of the central bank’s official rate and compel banks to release forex to genuine traders.
“We are appealing to the Bank of Ghana to tighten regulation of the black market and to create a transparent, unified channel that ensures consistency in forex access,” Mr. Awingobit said.
Supporting the call, a member of the Association, Madam Korkor, who imports wines, complained about deductions on forex transactions and described the USD 10,000 withdrawal cap as restrictive to legitimate importers.
Responding to the concerns, Governor Asiama assured the Association that the central bank is implementing reforms to stabilize the forex market but noted that measures must align with the conditionalities of Ghana’s ongoing programme with the International Monetary Fund (IMF).
“We recognize the challenges, but we must strike a balance between providing forex support and maintaining fiscal discipline as required under the IMF programme,” he explained.
Second Deputy Governor Asante-Asiedu disclosed that commercial banks have already been directed to halt over-the-counter forex withdrawals as part of efforts to ease pressure on supply. She added that a BoG Committee is currently reviewing the Foreign Exchange Act and related policies to provide sustainable solutions to the ongoing challenges.
The meeting ended with the Association presenting a token of appreciation to the Governor for what it described as his commitment to stabilizing Ghana’s economy.
The Importers and Exporters Association of Ghana reiterated its readiness to collaborate with the central bank and other stakeholders to create a stable, business-friendly environment for international trade.
