Importers and Exporters Association Calls on Bank of Ghana to Urgently Intervene in Persistent Forex Access Challenges

 

The Importers and Exporters Association of Ghana has expressed deep concern over the challenges faced by businesses in accessing foreign exchange (forex) through commercial banks, despite the recent appreciation of the Ghana Cedi against major foreign currencies.

We respectfully urge the Bank of Ghana to act swiftly to arrest the situation before it spirals further out of control." - Importers and Exporters Association of Ghana

The association notes that while the Cedi has seen some level of appreciation, businesses continue to face significant hurdles in sourcing forex from traditional banking institutions. This has compelled many legitimate importers and exporters to resort to the black market, where forex is traded at inflated rates, exacerbating the cost of doing business and undermining macroeconomic stability.

The association is calling on the Bank of Ghana to take concrete and pragmatic steps to release forex into the system and improve access for legitimate businesses. The central bank must also work closely with commercial banks to enhance transparency, accountability, and efficiency in forex allocation and distribution.

Furthermore, the association is urging the BoG and relevant state institutions to intensify enforcement efforts to curtail the growing monopoly of the black market, whose influence in determining exchange rates poses a significant risk to national economic management and credibility.

The Importers and Exporters Association of Ghana remains committed to supporting government efforts to stabilize the economy, but emphasizes the need for responsive and targeted interventions that prioritize the needs of genuine businesses and protect the broader economic interest of the nation.