Importers and Exporters Association lauds GoldBod, BoG for forex stability, falling interest rates

The Importers and Exporters Association of Ghana (IEAG) has commended the Ghana Gold Board (GoldBod) and the Bank of Ghana (BoG) for implementing policies that have significantly improved foreign exchange stability and boosted confidence in the economy .

Speaking at a press conference in Accra, IEAG Executive Director Samson Asaki Awingobit said the relative stability in the foreign exchange market had provided greater predictability for businesses engaged in international trade .

“GoldBod’s trading policies have helped strengthen Ghana’s foreign exchange position and improved access to foreign exchange for legitimate business activities,” Mr Awingobit stated .

GoldBod’s Role in Forex Stability

The IEAG’s commendation comes as GoldBod continues to implement far-reaching reforms under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), a strategy designed to leverage gold to strengthen Ghana’s foreign exchange reserves .

GoldBod’s anti-smuggling taskforce has significantly curtailed illegal gold trading, helping to channel artisanal and small-scale mining gold exports through formal systems . In 2025, Ghana recorded approximately US10.3 billion in 2024, with the formalisation of the ASM sector driving much of the increase .

Under an agreement between GoldBod and the Bank of Ghana, the Gold Board sells its foreign exchange earnings to the central bank to boost the country’s reserves . Gross international reserves have reached $13.8 billion, providing import cover equivalent to 5.7 months .

Interest Rates Decline Significantly

Mr Awingobit also welcomed the decline in borrowing costs, citing the Bank of Ghana’s Financial Stability Review, which showed average lending rates fell from 30.3 per cent in December 2024 to 20.5 per cent in December 2025 . The Monetary Policy Rate declined from 27 per cent at the end of 2024 to 14 per cent by March 2026 .

“These reductions in interest rates are particularly encouraging for businesses that depend on credit to finance their operations,” Mr Awingobit said . He noted that further reductions in the cost of credit would provide additional relief to importers and exporters who require working capital to purchase goods and meet international trade obligations .

Call to Sustain Gains

The IEAG urged GoldBod and the Bank of Ghana to sustain and deepen their interventions, particularly ahead of the Yuletide period, when demand for foreign exchange, credit and imported goods is expected to increase significantly .

“The combined efforts of GoldBod, the Bank of Ghana and other economic management institutions have contributed to a more stable business environment,” Mr Awingobit said . He stressed that maintaining stability in the foreign exchange and credit markets would be crucial to ensuring smooth international trade and supporting businesses during the period of heightened economic activity .

The association’s commendation follows similar praise for the central bank in January 2026, when the IEAG credited the BoG’s disciplined monetary policy for the cedi’s strong recovery and improved trade conditions throughout 2025 .