IEAG Commends BoG for Forex Intervention

Accra: The Importers and Exporters Association of Ghana (IEAG) has commended the Bank of Ghana (BoG) for its bold decision to inject US$1.15 billion into the foreign exchange market under the Domestic Gold Purchase Programme.According to Ghana News Agency, the association noted in a statement signed by Mr. Samson Asaki Awingobit, the Executive Secretary of the IEAG, that as a partner and supporter of Ghana's economic growth, the IEAG believes this decisive intervention would not only shore up the country's foreign reserves but also further enhance forex liquidity necessary for the shipping and maritime sectors.The statement highlighted that importers and exporters have grappled with high exchange rate volatility over the years, which has increased the cost of clearing goods at the ports and disrupted shipping schedules. The association noted that the cedi has appreciated by more than 20 percent against the dollar since January 2025, a development they welcome and expect the central bank to sustain.The IEAG expressed optimism that the BoG's initiative would stabilize the cedi against major trading currencies, bringing predictability and relief to businesses. It added that it would enhance liquidity in the forex market, ensuring timely access to foreign exchange for international trade transactions, and support maritime operations by reducing demurrage charges and shipping delays caused by forex shortages.The forex intervention, the statement suggested, would also boost investor confidence, thereby encouraging long-term financing and trade partnerships within the maritime and logistics value chain. The IEAG also welcomed 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 IEAG expressed confidence that this approach by the BoG, which is considered long overdue, would 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 association reiterated its full support for the initiative and is ready to collaborate with the central bank and other stakeholders to ensure its successful implementation.