IEAG calls for overhaul of port operations, unified forex rate

By Ernest Bako WUBONTO

The Importers & Exporters Association of Ghana (IEAG) has renewed calls for a fundamental overhaul of port operations, warning that improved efficiency is vital to boost competitiveness and drive economic growth.

The association also flagged the widening gap between the interbank and black-market exchange rates as a major driver of surging prices for goods and services, as well as the erosion of investor capital.

Speaking at the association’s 11th anniversary celebration and launch of a new website, Executive Secretary Samson Asaki Awingobit cautioned that persistent port delays undermine Ghana’s trade position and are prompting some businesses to use neighbouring ports in Togo, with some products smuggled back into the country.

“We will not continue to fight against port charges alone, but also the hustle to access foreign currencies like the dollar, pound and euro from commercial banks. Most traders now resort to the black market, where rates are unregulated and volatile,” he said.

“This is a national concern, and we are calling on the Bank of Ghana (BoG) to rise from its slumber and provide a unified forex rate, compelling all banks and forex traders to adhere to a transparent, fair and business-friendly forex distribution system,” he added.

Mr. Awingobit also urged government to address high interest rates to enable businesses to access funding for expansion.

With BoG Governor Dr. Johnson Asiama acknowledging the concerns and pledging to ensure interest rates fall in line with easing inflation and exchange-rate pressures, the association expressed optimism about near-term improvements. However, it insisted that pragmatic measures, policy alignment and political will are required to revamp the ports and avert a looming crisis.

In a keynote address, Ghana Shippers’ Authority Chief Executive Officer Prof. Ransford Gyampo pledged decisive action to lower the cost of doing business at the ports, curb smuggling and address the use of Togo’s port for importations.

“We will address loopholes and shortfalls at ports of entry to make them seamless and affordable, while ensuring importers and exporters are not marginalised in decision-making,” he said. Commending the IEAG for its constructive advocacy over the past decade, Prof. Gyampo reaffirmed the commitment of state agencies to work collaboratively toward greater efficiency, transparency and reforms that foster a friendly business environment.

He added that under the new Shippers Act which grants the authority powers to regulate and review charges at the ports, research is underway to scrutinise all new fees. While a stronger cedi reduces port charges, he assured that some fees would be negotiated down—or scrapped entirely.

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