Stakeholders in Ghana’s import sector have called for urgent policy interventions to stabilise the foreign exchange market, citing currency volatility as a major contributor to persistently high prices and economic uncertainty.

The appeal was made during a public inquiry held today by the Parliamentary Committee on Trade, Industry, and Tourism.

The session was convened to explore why businesses and service providers are hesitant to reduce prices despite improving macroeconomic indicators, and to chart a path forward for price stability and economic growth.

Representing the Importers and Exporters Association of Ghana, spokesperson Samson Awingobit urged the Bank of Ghana (BOG) to consider temporarily fixing the dollar exchange rate to give businesses the predictability needed for planning and pricing.

“Unpredictable fluctuations in the value of the cedi are causing major losses for importers—some as high as 40 percent,” Awingobit stated.

“Fixing the dollar exchange rate for a set period would offer the stability required for businesses to make informed decisions, reduce prices, and restore consumer confidence.”

He further called on the central bank to enhance oversight of its foreign exchange auction system to ensure transparency and curb illicit practices that contribute to the cedi’s depreciation.

The stakeholders also highlighted operational inefficiencies at the country’s ports, pointing to outdated manual procedures such as the physical stamping of documents, which they say lead to delays and create opportunities for corruption.

They advocated for a complete digitisation of port processes to improve efficiency and reduce the cost of doing business.

In addition to monetary measures, the importers emphasised the need for broader economic reforms, including tax policy adjustments and rationalisation of the Value Added Tax (VAT) system.

These, they argued, would help create a more predictable business environment conducive to sustainable growth and job creation.

Members of the Parliamentary Committee welcomed the input from the stakeholders and assured them that their concerns and recommendations would be thoroughly considered in shaping future policies.

The session concluded with a renewed call for collaboration between government institutions, the private sector, and regulators to address structural challenges in the economy and restore price stability for the benefit of all Ghanaians.