The leadership of the Importers and Exporters Association of Ghana (IEAG) has lauded the Bank of Ghana (BoG) for its role in stabilising the cedi and
The leadership of the Importers and Exporters Association of Ghana (IEAG) has lauded the Bank of Ghana (BoG) for its role in stabilising the cedi and improving the country’s macroeconomic indicators, while urging the central bank to do more in addressing challenges facing the trading community.
The Association, led by its Executive Secretary, Samson Awingobit Asaki, on Tuesday paid a courtesy call on the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, at the Bank Square in Accra.
The delegation was officially received by the Second Deputy Governor, Matilda Asante-Asiedu, who stood in for the Governor.
Commendation for Monetary Policy
Awingobit commended the BoG for what he described as “consistent and decisive leadership” in implementing policies that have slowed the depreciation of the cedi in recent months.
He said this stability has provided some level of predictability for businesses, particularly importers and exporters, who are often at the mercy of exchange rate volatility.
According to him, the Association recognises the impact of measures such as tightening of the monetary policy rate, strengthening of the foreign exchange reserves, and regulatory oversight of forex bureaux in cushioning the cedi against external shocks.
Call for Further Intervention
While acknowledging the progress, the IEAG leader emphasised that many traders continue to face challenges that require urgent central bank intervention.
He noted that persistent high interest rates, access to credit for small and medium-scale importers, and the unpredictable cost of international trade logistics remain obstacles to business growth.
Awingobit urged the BoG to deepen its engagement with the private sector, stressing that “a stronger partnership between policymakers and business operators will not only enhance trade but also contribute significantly to national economic growth.”
BoG’s Assurance
In response, Governor Asiama assured the group of the Bank’s continuous commitment to support the private sector and the trading community.
He reiterated that the Bank primary mandate is to maintain price stability while promoting a stable financial sector, which ultimately benefits businesses and the wider economy.
Asante-Asiedu, who received the delegation, further noted that the Bank values such engagements with stakeholders as they provide critical feedback that shapes policy decisions.
Background
The Importers and Exporters Association of Ghana has, over the years, been a vocal player in the economic discourse, particularly on matters relating to exchange rate management and port charges.
In 2016, the Association frequently criticised the rapid depreciation of the cedi, warning that it eroded business capital and increased the cost of goods.
COMMENTS