The Association of Ghana Industries (AGI) has urged the Bank of Ghana (BoG) to reconsider its policy on foreign exchange quotation to the cedi when clearing goods. The AGI president Humphrey Ayim-Darke proposed extending the quotation period from two days to 90 days. He highlighted the current exchange rate volatility and inflationary pressures, which are severely impacting businesses, making it challenging for them to stay afloat.
Speaking at the SME Growth and Opportunity Summit in Accra, the AGI president emphasized the need for government collaboration with the private sector to review tax policies. He stressed that this collaboration is crucial to support businesses, especially small and medium-sized enterprises (SMEs), which are the backbone of the economy.
The AGI president’s call to action aims to alleviate the struggles faced by businesses due to the current economic conditions. By extending the forex quotation period, businesses will have more time to navigate the volatile exchange rates and inflationary pressures. This, in turn, will help them to stay competitive and sustain their operations.
The SME Growth and Opportunity Summit provided a platform for stakeholders to discuss the challenges faced by businesses and identify potential solutions. The AGI president’s proposal is a step towards finding ways to support businesses and promote economic growth in Ghana.
Ruth Abla ADJORLOL
