The Importers and Exporters Association of Ghana (IEAG) has defended the Bank of Ghana (BoG), arguing that recent criticisms of the central bank’s monetary operations have often overlooked technical context, while highlighting the institution’s role in stabilising the cedi and supporting trade in 2025.
Speaking at a media engagement and New Year event in Accra on Saturday, January 3, Executive Secretary Samson Asaki Awingobit said public discussion around alleged losses by the BoG and the Gold Board had, in some cases, obscured the positive impact of the Bank’s policies.
“While robust public discourse is vital in a democracy, some negative commentary 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 explained.
Mr Awingobit pointed to the strong turnaround of the cedi in 2025, noting that coordinated monetary interventions and improved market confidence helped the currency appreciate significantly against the US dollar.
“By mid-2025, the cedi had strengthened by over 40 per cent, easing import costs and reducing exchange-rate pressures on traders,” he said, adding that higher foreign exchange reserves and a rebound in export earnings underpinned the positive trend.
Highlighting the wider benefits for the business community, the IEAG stressed that the cedi’s recovery was deliberate rather than coincidental.
“The observable appreciation of the cedi reflects disciplined monetary policy, improved market confidence, and active engagement in foreign exchange markets, alongside strong export performance, including an estimated 60 per cent growth in export earnings during the first half of 2025,” Mr Awingobit noted.
He also commended the Bank of Ghana for its steady stewardship during a challenging economic period, emphasising that the outcomes demonstrated deliberate policy choices rather than luck.
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