According to the Association, the steady depreciation of the Cedi is a testament to the underperformance of the Bank of Ghana governor and the Economic Management team.
“The Importers and Exporters Association of Ghana IEAG would want to call on the President Nana Akufo Addo to immediately dissolve the Economic Management Team and fire the Governor of the Bank of Ghana Dr.Ernest Addison. We disagree with the position of the Governor of the Bank of Ghana Dr. Ernest Addison that the CEDI’S depreciation is partly due to the global economic crisis.
“Indeed, it will be recalled that few years ago the BOG, closed down some commercial banks as a measure to create a stronger cedi.
“Also, prime rate was maintained low over a long period in bid to create a strong cedi but nothing came out of that,” the group said in a statement signed by its Executive Secretary Asaki Awingobit.
The statement added: “Regrettably, the Cedi continues to depreciate even further in the face of all these measures put in place by the BOG and the Economic Management Team. In spite of numerous appeals made by trades associations in the country asking the Bank of Ghana to compel the commercial banks to reduce their interest rate yielded nothing. It is for this reason that those of us in trade and commerce are utterly surprised that the BOG Governor is now indirectly asking the commercial Banks in the country to further increase their interest rates following the increment of the Base Rate to 17%.
“We believe that this move by the BOG will further worsen the plight of businesses in the country as the cost of borrowing will shoot up thereby affecting price of goods. We are thus demanding that the BOG should immediately review the 17% base rate announced yesterday 21st March 2022”.
It concluded “It is our strongest view at the IEAG that the current board of Directors of BOG are incompetent and must be replaced immediately because they have failed woefully in managing the cedi. Also, the Economic Management Team system must be abolished as we can not tell or feel its impact on building a stronger Cedi.
The call comes on the back of the Minority’s call for the dissolution of the Economic Management team.