The Importers and Exporters Association of Ghana (IEAG) has come to the defence of the Bank of Ghana (BoG), describing recent criticisms of the central bank’s monetary operations as lacking context and technical understanding, while crediting BoG’s policies for the strong recovery of the Cedi and improved trade conditions in 2025.
Speaking at a media get-together and New Year engagement in Accra on Saturday, January 3, Executive Secretary of the Association, Samson Asaki Awingobit, said some public commentary surrounding alleged losses by the Bank of Ghana and the Gold Board had “clouded public appreciation” of the central bank’s role in stabilising the economy.
“While robust public discourse is vital in a democratic society, we at IEAG believe that some negative reportage has lacked context and technical nuance, ultimately clouding public appreciation of the BoG’s strategic contributions to economic stability, growth, and the Cedi’s performance,” he stated.
According to the IEAG, Ghana’s currency experienced a significant turnaround in 2025 following earlier depreciation, appreciating strongly as a result of coordinated policy interventions and improved market confidence.
“By mid-2025, the Cedi had strengthened by over 40 per cent against the US dollar, significantly easing the cost of imports and reducing exchange-rate induced cost pressures on traders,” Mr Awingobit noted.
He explained that the stronger Cedi translated into direct relief for importers who depend on foreign inputs and finished goods for domestic distribution and manufacturing.
The Association attributed the currency’s performance to improved foreign exchange buffers and a rebound in export earnings, noting that gross international reserves rose to over $11 billion by mid-2025, providing nearly five months of import cover.
“These outcomes demonstrate that Ghana’s macroeconomic groundwork, anchored by robust monetary policy, has restored confidence and enhanced stability in foreign exchange markets,” the IEAG Executive Secretary said.
From the perspective of importers and exporters, Mr Awingobit stressed that the appreciation of the cedi was not accidental but reflected deliberate policy choices.
“The observable appreciation of the cedi is not accidental but reflects disciplined monetary policy, improved market confidence, and heightened foreign exchange market activity that supported stronger market fundamentals,” he stated.
He added that strong export performance, including significant trade surpluses and an estimated 60 per cent growth in export earnings in the first part of 2025, helped ease pressure on the local currency and reduced the cost of doing business.
The Association also used the occasion to publicly acknowledge the Bank of Ghana for what it described as steady stewardship during a challenging economic period.
“While no institution operates without challenges, the technical, statistical and observable outcomes speak to a central bank that has been purposeful in supporting macro-economic resilience, trade continuity, and currency stability,” Mr Awingobit said.
Looking ahead, the IEAG expressed optimism about Ghana’s economic outlook in 2026, calling for continued prudential monetary policy and closer engagement between policymakers and the private sector to sustain confidence and expand trade volumes.
The Association further appealed to the media to adopt balanced and informed reporting on economic issues, particularly those affecting currency stability and key state institutions.
“Your continued support in accurate, contextual reporting is invaluable to building Ghana’s economic narrative,” Mr Awingobit added.
