The Importers and Exporters Association of Ghana (IEAG) has commended the Bank of Ghana (BoG) for what it describes as steady and purposeful monetary stewardship that helped stabilize the economy and significantly strengthen the cedi in 2025.
Speaking at a media get-together and New Year engagement in Accra, the Executive Secretary of IEAG, Mr. Samson Asaki Awingobit, said the association believes recent public criticism of the central bank over alleged losses in monetary and foreign exchange operations has often lacked proper context and technical depth.
According to him, such commentary risks overshadowing the tangible gains achieved in macroeconomic stability, currency performance, and trade facilitation—particularly in the port and maritime sector.
Mr. Awingobit noted that after initial depreciation in early 2025, the cedi staged a strong recovery, appreciating by over 40 percent against the US dollar by mid-year. He said the currency turnaround substantially eased import costs and reduced exchange rate pressures on traders who rely heavily on foreign inputs and finished goods.
He attributed the cedi’s performance to coordinated policy measures, including strengthened foreign exchange reserves and a resurgence in export earnings. Ghana’s gross international reserves, he disclosed, rose to more than US$11 billion by mid-2025, providing close to five months of import cover and boosting market confidence.
In addition, export earnings were estimated to have grown by about 60 percent in the first half of the year, resulting in significant trade surpluses and easing pressure on the local currency.
From the perspective of importers and exporters, Mr. Awingobit said these developments translated into real benefits at the ports. During the 2025 yuletide period, import clearance costs were notably lower compared to previous years, largely due to the stronger cedi reducing the foreign exchange component of duties, freight charges, and port-related fees.
He added that improved exchange rates also enhanced trader liquidity, lowered the cedi cost of dollar-denominated working capital, and contributed to higher throughput and improved port efficiency.
“These gains have reinforced Ghana’s position as a competitive import and export hub within the sub-region,” he stated.
While acknowledging that no institution operates without challenges, the IEAG Executive Secretary maintained that the observable outcomes point to a central bank that has supported macroeconomic resilience, trade continuity, and currency stability.
Looking ahead, he expressed optimism for 2026, stressing that sustained prudential monetary policy, stronger regulatory coordination, and closer engagement with the private sector would deepen confidence and boost trade volumes.
Mr. Awingobit concluded by calling on the media to ensure balanced and informed reporting on economic management, particularly on issues relating to currency stability and key institutions whose actions directly affect trade and investment.
He wished all stakeholders a prosperous and impactful 2026.