Bank of Ghana Engages Business Community on Forex Challenges
The leadership of the Importers and Exporters Association of Ghana (IEAG) has met with the Bank of Ghana (BoG) to discuss persistent challenges affecting the business community, particularly foreign exchange (forex) accessibility.
The courtesy call, led by IEAG Executive Secretary Mr. Samson Asaki Awingobit, was held at the Bank of Ghana Head Office in Accra, where the delegation was received on behalf of Governor Dr. Johnson Pandit Asiama by Second Deputy Governor Mrs. Matilda Asante-Asiedu.
In his remarks, Mr. Awingobit commended the BoG for its efforts in stabilizing the Ghana cedi through key monetary policies but raised concerns over the scarcity of forex at commercial banks. He noted that many importers and exporters have been forced to rely on the black market at inflated rates.
Mr. Awingobit also called on the Bank to address inconsistencies in exchange rates quoted by some commercial banks and shipping lines, urging the BoG to create a unified channel for rate application and enforce measures to ensure genuine traders can access forex.
Madam Korkor, a member of the association and a wine importer, added that bank deductions on forex transactions and the USD 10,000 withdrawal cap are restrictive for legitimate importers, calling for a review of these policies.
Responding, Governor Asiama commended the engagement and reassured the IEAG that the Bank is implementing measures to stabilize the financial sector and improve forex availability. He noted that interventions must align with IMF program conditionalities, requiring fiscal discipline and careful management.
Mrs. Asante-Asiedu revealed that commercial banks have been instructed to halt over-the-counter forex withdrawals to ease supply pressures. She further disclosed that a BoG committee is reviewing the Foreign Exchange Act and related policies to tackle the challenges in the forex market.
The meeting concluded with the IEAG presenting a token of appreciation to Governor Asiama in recognition of his leadership and commitment to economic stabilization.
