Africa-Press – Ghana. The Importers and Exporters Association of Ghana has commemorated its 11th year of existence with a call on the Central Bank to introduce a unified forex pipeline.
It said the system would compel commercial banks to adhere to transparent and forex distribution systems and improve access to foreign exchange for importers and exporters.
“The hustle to access dollars, pounds, and euros through commercial banks is frustrating and economically crippling. Most traders resort to the black market where rates are unregulated and volatile,” Mr Samson Asaki Awingobit, the Executive Secretary of the Importers and Exporters Association of Ghana, said.
Mr Asaki Awingobit was speaking at the Association 11th year anniversary, which was climaxed with the launch of a new website for the association.
Mr Awingobit observed that the disparity between the interbank rates and the black market contributed to price distortions, inflation and weakening of the cedi, which could erode investor confidence in the economy.
“We demand pragmatic efforts, policy enforcement and the political will to address this looming crisis head on,” he said.
He called on the Ghana Revenue and the National Identification authorities to ensure that the ongoing impasse between state agencies did not disrupt business operations.
Professor Ransford Gyampo, the Chief Executive Officer, Ghana Shippers Authority, commended the association for its advocacy over the years and applauded the executive secretary for taking principled actions and championing reforms irrespective of political affiliation or interests.
“From advocating fair trade policies to facilitating market intelligence, capacity building, and strategic partnership, the association has contributed significantly to shaping a more enabling environment for cross-border trade,” he said.
He expressed the commitment of the Authority to working closely with the association and protecting the interest of importers and exporters.
As regulators of the shipping industry, Prof Gyampo said the authority would remain firm and ensure fairness in the industry to reduce cost of doing business in the country.
“I don’t understand why certain charges can be levied only to traders and business people in Ghana, and elsewhere, they are not being levied,” he said.
Present at the event were representatives from trade unions, freight forwarders, and revenue mobilisation authority, among other industry players.
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