IEAG Defends BoG Policies, Citing Cedi Recovery and Improved Trade Conditions in 2025
The Importers and Exporters Association of Ghana (IEAG) has pushed back against recent criticism directed at the Bank of Ghana (BoG), arguing that much of the commentary on the central bank’s monetary activities overlooks key technical and policy considerations. The Association credited the BoG’s policy direction for the cedi’s sharp recovery and improved trading conditions recorded in 2025.
Addressing journalists during a media interaction and New Year engagement held in Accra on Saturday, January 3, the Executive Secretary of the Association, Samson Asaki Awingobit, said narratives surrounding alleged losses at the Bank of Ghana and the Ghana Gold Board had, in some cases, weakened public appreciation of the central bank’s stabilisation efforts.
He observed that although public debate plays an important role in a democratic setting, sections of the discourse had failed to adequately reflect the complexity of monetary policy operations and their economy-wide impact.
“Constructive public debate is essential, but from our perspective, some of the negative coverage has not sufficiently captured the technical realities of monetary policy, thereby obscuring the Bank of Ghana’s contribution to economic stability, growth and the cedi’s performance,” Mr. Awingobit stated.
The IEAG noted that Ghana’s currency staged a strong rebound in 2025 after a period of depreciation, supported by coordinated policy measures and a marked improvement in market confidence.
According to Mr. Awingobit, the cedi had appreciated by more than 40 percent against the US dollar by mid-2025, a development that helped lower import costs and ease exchange rate-related pressures faced by traders.
He explained that the strengthening of the local currency delivered measurable relief to importers who rely on foreign raw materials and finished goods for domestic commerce and manufacturing.
The Association linked the currency’s improved performance to stronger foreign exchange buffers and a recovery in export receipts, pointing out that gross international reserves climbed to above US$11 billion by mid-2025, providing close to five months of import cover.
“These indicators suggest that Ghana’s macroeconomic foundation, supported by disciplined monetary policy, has rebuilt confidence and strengthened stability in the foreign exchange market,” the IEAG Executive Secretary said.
From the standpoint of businesses engaged in international trade, Mr. Awingobit stressed that the cedi’s appreciation was the outcome of intentional policy actions rather than coincidence.
“The strengthening of the cedi did not occur by chance; it reflects prudent monetary management, rising market confidence and increased activity in the foreign exchange market that reinforced underlying fundamentals,” he noted.
He further cited strong export performance, including sustained trade surpluses and an estimated 60 percent increase in export earnings during the early part of 2025, as factors that helped reduce pressure on the local currency and moderate business costs.
The Association also used the platform to commend the Bank of Ghana for what it described as consistent and focused leadership during a difficult economic phase.
“Although challenges remain, the data and observable outcomes point to a central bank that has played a deliberate role in strengthening macroeconomic resilience, supporting trade flows and stabilising the currency,” Mr. Awingobit said.
Looking ahead to 2026, the IEAG expressed confidence in Ghana’s economic prospects, urging the continuation of prudent monetary policies and deeper collaboration between policymakers and the private sector to maintain confidence and expand trade activity.
The Association also called on the media to ensure that economic reporting remains balanced and well-informed, particularly on issues that affect currency stability and major public institutions.
“Accurate and well-contextualised reporting remains critical to shaping Ghana’s economic story,” Mr. Awingobit added.
