In a statement signed by Mr. Samson Asaki Awingobit, the Executive Secretary of the IEAG, the association noted 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 that is necessary for the shipping and maritime sectors. 

It added that importers and exporters have grappled with high exchange rate volatility over the years, which has driven up the cost of clearing goods at the ports 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 association expressed optimism that the BoG’s initiative would stabilise 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, as well as support maritime operations by reducing demurrage charges and shipping delays caused by forex shortages. The forex intervention, it stated, would also boost investor confidence, thereby encouraging long-term financing and trade partnerships within the maritime and logistics value chain. 

The statement said, “The IEAG also welcomes 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-orientated financial products and insurance coverage for imports will ensure more foreign exchange is retained within the local economy.” According to the IEAG, members are confident that this approach by the BoG, which is 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 IEAG reiterated its full support for the initiative and is ready to collaborate with the central bank and other stakeholders to ensure its successful implementation.