AGI Welcomes Reversal Of Forex Measures

The Association of Ghana Industries (AGI) has welcomed the Bank of Ghana’s (BoG) reversalof the foreign exchange measures introduced in February this year.

“AGI appreciates this bold decision which gives the indication that the central bank has taken into account the recommendations made by stakeholders, industry and the business community as a whole,’ a statement signed by its president, James Asare-Adjei, in Accra yesterday said.

Asare-Adjei PixThe reversal, according to the AGI, will help boost business confidence and recovery of the cedi, while incentivising forex transactions through the banks.

“The initiative should reassure the private sector and the general public that foreign exchange paid into our banks are welcome and will be secured,” it said.

AGI urged the BoG to effectively supervise, monitor and support the financial institutions to ensure that the reversal of the foreign exchange measures was fully complied with.

“It is imperative for the government to also take steps to complement Bank of Ghana’s efforts towards achieving macro-economic stability,” the statement said.

The AGI reiterated the need to focus maximum attention on “growing our exports, adopting import substitution strategies and promoting the patronage of made-in-Ghana products to strengthen the cedi”.

In a statement issued last Friday, the BoG explained that it revised the rules on foreign exchange operations after observing some implementation challenges and following further consultations with stakeholders and the general public as well as an analysis of the available data.

Before the BoG review, the AGI had requested the Bank of Ghana to scrap the foreign exchange measures because they had not succeeded in stopping the currency depreciation.

“This is the time to reassure the whole country that foreign exchange paid into our banks are welcome and would be secured,” it said in a communique.

The AGI is a non-profit organisation and recognised as the leading voice of the private sector in Ghana. It is committed to the development of the private sector and to the improvement of the business climate in Ghana through advocacy and business services to make Ghanaian companies internationally competitive.

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