The Importers and Exporters Association of Ghana (IEAG) wishes to commend the Bank of Ghana (BoG) for its bold decision to inject US$1.15 billion into the foreign exchange market beginning October 2025 under the Domestic Gold Purchase Programme.
As a partner and supporter of Ghana’s economic growth, the IEAG believes this decisive intervention will not only shore up our foreign reserves but also further enhance forex liquidity that is necessary for the shipping and maritime sectors. Importers and exporters have grappled with high exchange rate volatility over the years, which has driven up the cost of clearing goods at the ports and disrupted shipping schedules. However, this year, the cedi has appreciated by more than 20 per cent against the dollar since January 2025, which we welcome and expect the central bank to sustain it.
The Association notes with optimism that the BoG’s initiative will:
– Stabilise the cedi against major trading currencies, bringing predictability and relief to businesses.
– Enhance liquidity in the forex market, ensuring timely access to foreign exchange for international trade transactions.
– Support maritime operations, by reducing demurrage charges and shipping delays caused by forex shortages.
– Boost investor confidence, thereby encouraging long-term financing and trade partnerships within the maritime and logistics value chain.
The IEAG also welcomes the central bank’s call for commercial banks to expand financial support for SMEs and agribusinesses, which are critical drivers of Ghana’s export-led growth. Additionally, the move to encourage the development of export-oriented financial products and insurance coverage for imports will ensure more foreign exchange is retained within the local economy.
The Association is confident that this approach by the BoG, long overdue, will set Ghana’s economy on a more sustainable path, particularly in strengthening trade flows at the ports and safeguarding the interests of businesses operating in the maritime sector.
The IEAG reiterates its full support for this initiative and stands ready to collaborate with the central bank and other stakeholders to ensure its successful implementation.
*Signed*
Samson Asaki Awingobit
Executive Secretary
Importers and Exporters Association of Ghana (IEAG)
