Importers and Exporters Association hails Bank of Ghana’s US$1.15 billion forex injection under Domestic Gold Purchase Programme as lifeline for maritime trade stability

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.

In a statement signed by its Executive Secretary, Mr. Samson Asaki Awingobit, the association described the move as a decisive intervention that will not only strengthen Ghana’s foreign reserves but also enhance forex liquidity critical to the shipping and maritime sectors.

According to the IEAG, importers and exporters have for years struggled with severe exchange rate volatility, which has increased the cost of clearing goods at the ports and disrupted shipping schedules. The statement noted that the appreciation of the cedi by more than 20 per cent against the dollar since January 2025 was a welcome development, urging the central bank to sustain the gains.

The association expressed optimism that the BoG’s intervention would stabilise the cedi against major trading currencies, bringing predictability and relief to businesses. It said the move would improve liquidity in the forex market, ensure timely access to foreign exchange for international trade, and support maritime operations by reducing demurrage charges and shipping delays caused by forex shortages.

The IEAG further observed that the injection would boost investor confidence and encourage long-term financing and trade partnerships across Ghana’s maritime and logistics value chain.

It also lauded the BoG’s call for commercial banks to expand financial support to small and medium-sized enterprises (SMEs) and agribusinesses, drivers of the nation’s export-led growth. The association welcomed efforts to promote export-oriented financial products and insurance coverage for imports, which it said would help retain more foreign exchange within the domestic economy.

According to the IEAG, members are confident that the central bank’s approach, described as long overdue, will place Ghana’s economy on a more sustainable footing by strengthening trade flows at the ports and safeguarding the interests of maritime businesses.

The association reiterated its full support for the initiative and expressed readiness to collaborate with the Bank of Ghana and other stakeholders to ensure its successful implementation.