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Association of Ghana Industries AGI charges BOG to enforce new forex rules

AGI has, however, asked the Central Bank to take stringent steps to ensure full compliance with new rules.

  • Published:
James Asare-Adjei, President of the Association of Ghana Industries play

James Asare-Adjei, President of the Association of Ghana Industries

 

The Association of Ghana Industries has applauded the Bank of Ghana for issuing new forex rules for importers and exporters.

AGI has, however, asked the Central Bank to take stringent steps to ensure full compliance with new rules.

According to the Bank of Ghana’s new directives, exporters are required to fully repatriate their export receipts to local banks in the country, unless the exporters have a repatriation agreement with government that says otherwise.

READ MORE: Standard Chartered Bank CEO breaks silence after weeks of negative publicity

The Association believes, if the new forex rules are adhered to, the exchange rate demand and supply will be allowed to determine the value of the Ghana Cedi against the major currencies.

 “AGI is very interested in all efforts to facilitate business operations, such as availability of foreign currency for companies especially those who are into the imports of raw materials to be able to get the needed to import equipments and materials for their work,” he told Accra-based Citi Fm.

The Importers and Exporters Association has also reacted to the news positively, and have described it as a restoration of the confidence that was once eroded by an earlier restriction on the amount of money that can be kept in a foreign exchange account.

This is because the new guidelines allow exporters to keep the full export receipts in their foreign exchange accounts, changing them into cedis as and when necessary, but without limitations on how much they are allowed to change.

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