Accra: The Importers and Exporters Association of Ghana has commemorated its 11th year of existence with a call on the Central Bank to introduce a unified forex pipeline. The association emphasized that such a system would compel commercial banks to adhere to transparent forex distribution systems, improving access to foreign exchange for importers and exporters.
According to Ghana News Agency, Mr. Samson Asaki Awingobit, the Executive Secretary of the Importers and Exporters Association of Ghana, highlighted the challenges faced by traders in accessing foreign currency through commercial banks. He noted that many traders are forced to resort to the black market, where rates are unregulated and volatile, due to the difficulties in obtaining dollars, pounds, and euros from banks.
Speaking at the association's 11th-anniversary event, which also featured the launch of a new website, Mr. Awingobit pointed out the negative impacts of the disparity between interbank rates and the black market on the economy. He mentioned that these issues contribute to price distortions, inflation, and the weakening of the cedi, potentially undermining investor confidence.
Mr. Awingobit called for pragmatic efforts, policy enforcement, and political will to tackle the ongoing challenges. He also urged the Ghana Revenue and the National Identification authorities to resolve their disputes to prevent disruptions in business operations.
Professor Ransford Gyampo, the Chief Executive Officer of the Ghana Shippers Authority, praised the association for its advocacy and the executive secretary for his commitment to reforms. He recognized the association's contributions to fair trade policies, market intelligence, capacity building, and strategic partnerships, which have fostered a more enabling environment for cross-border trade.
Prof Gyampo assured the authority's commitment to collaborating with the association to protect the interests of importers and exporters. He emphasized the authority's role in ensuring fairness in the shipping industry to reduce business costs in Ghana. He questioned why certain charges are imposed on traders in Ghana but not elsewhere.
The event was attended by representatives from trade unions, freight forwarders, the revenue mobilization authority, and other industry players.
