The Importers and Exporters Association of Ghana (IEAG) has credited the Bank of Ghana (BoG) with helping to stabilise the economy in 2025, citing a sharp recovery of the cedi and a noticeable reduction in trade-related costs for businesses.
The Association also pushed back against recent public criticisms of the central bank, arguing that claims of losses at the BoG and the Gold Board have often been presented without sufficient economic context.
Defence of the Central Bank
Speaking at the IEAG’s media engagement and New Year meeting in Accra on Saturday, January 3, the Association’s Executive Secretary, Samson Asaki Awingobit, said sections of public commentary have overlooked the technical realities of central banking and monetary management.
He noted that while scrutiny of public institutions is necessary in a democracy, some narratives have unfairly downplayed the BoG’s contribution to restoring macroeconomic stability.
“Some negative reportage has lacked context and technical nuance, which has clouded public appreciation of the Bank of Ghana’s strategic role in stabilising the economy and supporting the cedi,” he said.
Cedi Rebounds Strongly
According to the IEAG, Ghana’s currency staged a major turnaround in 2025 after earlier periods of sharp depreciation. By mid-year, the cedi had appreciated by more than 40 per cent against the US dollar, easing pressure on import costs and helping businesses manage pricing and inventory more effectively.
Mr Awingobit explained that the stronger currency brought immediate relief to importers who rely heavily on foreign exchange to source raw materials, machinery and finished goods.
Improved Reserves and Export Performance
The Association linked the currency recovery to stronger foreign exchange buffers and improved export earnings. Gross international reserves, it said, climbed to over US$11 billion by mid-2025, providing close to five months of import cover and boosting confidence in the foreign exchange market.
Exporters also benefited from improved global demand and higher commodity receipts, with export earnings estimated to have grown by about 60 per cent in the first half of 2025, contributing to trade surpluses and reduced pressure on the local currency.
“These indicators show that the appreciation of the cedi was not accidental but the result of disciplined monetary policy, stronger fundamentals and renewed confidence in the market,” Mr Awingobit stated.
Impact on Trade and Business Costs
From the perspective of IEAG members, the stabilisation of the exchange rate helped lower freight, customs and supplier-related costs, while reducing uncertainty in pricing and contract negotiations.
The Association said these developments supported trade continuity and improved planning for both importers and exporters during a period of broader economic adjustment.
Outlook and Media Appeal
Looking ahead to 2026, the IEAG expressed cautious optimism about Ghana’s economic prospects, urging policymakers to maintain prudent monetary management and deepen engagement with the private sector to sustain gains in currency stability and trade growth.
The Association also appealed to the media to prioritise balanced, informed and data-driven reporting on economic issues, particularly those involving critical institutions such as the central bank.
“Accurate and contextual reporting is essential to building confidence and strengthening Ghana’s economic narrative,” Mr Awingobit said.
The IEAG concluded that while challenges remain, recent economic outcomes suggest that coordinated policy actions have helped restore stability and improve the operating environment for businesses involved in international trade.
Source: Africa Publicity
