By: Fred Yaw Sarpong (Daily Express)
The Association of Ghana Industries (AGI) has welcome Bank of Ghana’s (BoG) reversal of the foreign exchange measures introduced in February this year.
According to AGI, it 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 Mr. James Asare-Adjei, the President of the association said, “It is hopeful that this action will help boost business confidence and recovery of the cedi, while incentivizing forex transactions through the banks.”
AGI said the initiative should reassure the private sector and the general public that foreign exchange paid into our banks are welcome and will be secured.
The association urges the Central Bank to effectively supervise, monitor and support the financial institutions to ensure that the reversal of the foreign exchange measures is fully complied with.
“It is imperative for Government to also take steps to complement Bank of Ghana’s efforts towards achieving macro-economic stability,” said AGI.
The Association of Ghana Industries reiterates the urgent 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.