The delegation was warmly received on behalf of the Governor by the Second Deputy Governor, Mrs. Matilda Asante-Asiedu, at the Bank of Ghana Head Office in Accra.
Commendation and Key Concerns Raised
In his opening remarks, Mr. Awingobit commended the BoG leadership for their sterling performance in stabilizing the Ghana cedi through various monetary policies and initiatives. He, however, expressed grave concern about the persistent scarcity of foreign exchange (forex) at commercial banks, which continues to hamper the business activities of importers and exporters.
He lamented that importers and exporters often struggle to access forex through commercial banks and are compelled to turn to the parallel market, where forex is sold at exorbitant rates, further driving up the cost of doing business.
Mr. Awingobit also highlighted the practice of some commercial banks and shipping lines quoting their own exchange rates, contrary to the official Bank of Ghana reference rate. He stressed the need for a single, regulated channel to ensure consistency across commercial banks and shipping lines in line with BoG’s approved rates. He further urged the central bank to enforce measures that will compel commercial banks to release adequate forex to support trade.
On the activities of the black market, Mr. Awingobit called on the Bank of Ghana to step up regulatory interventions to curb the exploitation of business operators who genuinely require forex for trading activities.
Additional Concerns from Association Members
Adding to the concerns, Madam Korkor, a member of the Association and an importer of exotic wines, raised issues about deductions made by commercial banks on forex, which are already difficult to secure. She described the current banking system as unfavorable to importers, especially with the restrictions on forex withdrawals.
She called for a review of the Bank of Ghana’s policy that caps individual forex withdrawals at USD 10,000, noting that this policy is constraining genuine importers who require higher amounts for their trading activities.
BoG’s Response and Assurances
In response, Governor Dr. Johnson Pandit Asiama commended the Association for its continued support to the central bank and for the courtesy visit to highlight pressing challenges. He assured the delegation that the BoG is implementing a number of measures to sanitize the financial sector and ensure the availability of forex to the business community.
The Governor emphasized that while the Bank is committed to addressing forex challenges, it must also proceed cautiously in light of International Monetary Fund (IMF) program conditionalities, which include maintaining fiscal discipline, limiting certain interventions in the forex market, and aligning monetary policy with broader economic stabilization goals.
On her part, Mrs. Matilda Asante-Asiedu, Second Deputy Governor, disclosed that the BoG has already directed commercial banks to halt over-the-counter forex withdrawals, a practice identified as contributing to the scarcity of forex. She further revealed that a special BoG Committee is currently deliberating on possible reviews to the Foreign Exchange Act and related policies to better address emerging challenges in the forex market.
Token of Appreciation
As a mark of solidarity and appreciation, the Importers and Exporters Association of Ghana presented a gift to Governor Dr. Asiama in recognition of his leadership and efforts to stabilize the Ghanaian economy since assuming office.
