Posted: Friday 15th August 2014 at 0:40 am

AGI WELCOMES U-TURN ON FOREIGN EXCHANGE MEASURES BY THE CENTRAL BANK

The Association of Ghana Industries (AGI) has issued a press release welcoming Bank of Ghana’s (BoG) reversal of the foreign exchange measures introduced in February this year.

AGI 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.

It is hopeful that this action will help boost business confidence and recovery of the cedi, whilst incentivizing forex transactions through the banks. The initiative should reassure the private sector and the general public that foreign exchange paid into our banks are welcome and will be secured.

AGI urges the Bank of Ghana to effectively supervise, monitor and support the financial institutions to ensure that the reversal of the foreign exchange measures is fully complied with.

The release issued in Accra and signed by AGI President, Mr. James Asare Agyei, says ‘’It is imperative for Government to also take steps to complement Bank of Ghana’s efforts towards achieving macro-economic stability’’.

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, the statement concluded.

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