Importers and Exporters Association of Ghana hails BoG’s US$1.15 billion forex injection under Domestic Gold Purchase Programme

The Importers and Exporters Association of Ghana (IEAG) has applauded the Bank of Ghana (BoG) for its decisive injection of US$1.15 billion into the foreign exchange market under the Domestic Gold Purchase Programme.

In a statement signed by Executive Secretary Mr. Samson Asaki Awingobit, the IEAG described the intervention as a critical move to bolster the nation’s foreign reserves and improve forex liquidity, particularly for the shipping and maritime sectors. The association noted that importers and exporters have long struggled with high exchange rate volatility, which has raised port clearance costs and disrupted shipping schedules.

“However, this year, the cedi has appreciated by more than 20 per cent against the dollar since January 2025, which we welcome, and we expect the central bank to sustain it,” the statement said.

The IEAG expressed optimism that BoG’s initiative would stabilise the cedi against major trading currencies, enhance liquidity for international trade, and reduce delays and demurrage charges in maritime operations. It also highlighted the potential of the intervention to boost investor confidence, encouraging long-term financing and trade partnerships across the maritime and logistics value chain.

The statement further welcomed the central bank’s call for commercial banks to expand financial support for SMEs and agribusinesses, key drivers of Ghana’s export-led growth and the development of export-oriented financial products and insurance coverage for imports to retain more foreign exchange locally.

According to the IEAG, this long-overdue measure will strengthen trade flows at the ports and safeguard the interests of businesses in the maritime sector. The association pledged its full support for the initiative and readiness to collaborate with the central bank and stakeholders to ensure its successful implementation