IEAG Commends BoG for $1.15bn Forex Injection to Stabilise Cedi and Support Trade
The Importers and Exporters Association of Ghana (IEAG) has lauded the Bank of Ghana (BoG) for its decision to inject US$1.15 billion into the foreign exchange market beginning October 2025 under the Domestic Gold Purchase Programme (DGPP).
According to the Association, the central bank’s move is a bold and timely intervention that will enhance forex liquidity, stabilise the cedi, and support operations within the maritime and shipping sectors.
In a statement signed by its Executive Secretary, Samson Asaki Awingobit, the IEAG noted that the sustained volatility of the exchange rate over the years has increased the cost of clearing goods at the ports and disrupted shipping schedules. However, with the cedi appreciating by more than 20 per cent against the US dollar since January 2025, the Association expressed optimism that the BoG’s action will consolidate these gains.
“This decisive intervention will not only shore up our foreign reserves but also enhance forex liquidity necessary for the shipping and maritime sectors,” the statement said.
The Association believes the BoG’s initiative will stabilise the local currency against major trading currencies, improve predictability for businesses, and ensure timely access to foreign exchange for international trade transactions. It further noted that improved forex supply would reduce demurrage charges and shipping delays, boost investor confidence, and encourage long-term financing and trade partnerships within the maritime and logistics value chain.
The IEAG also welcomed the central bank’s call on commercial banks to expand financial support for SMEs and agribusinesses, describing them as key drivers of Ghana’s export-led growth. It further commended efforts to promote export-oriented financial products and import insurance schemes that would help retain more foreign exchange within the domestic economy.
The statement added that the Association views the BoG’s initiative as a “long overdue but commendable” step that could set Ghana’s economy on a more sustainable path, particularly by strengthening trade flows at the ports and safeguarding the interests of maritime businesses.
“The IEAG reiterates its full support for this initiative and stands ready to collaborate with the central bank and other stakeholders to ensure its successful implementation,” the statement concluded.
