The government has been urged to collaborate with stakeholders in order to stabilize the cedi.
The Ghana Shippers Authority's (GSA) Head of Shippers' Services and Trade Facilitation, Madam Monica Josiah, has urged the government to work with stakeholders to rescue the cedi from its current plight.
She stated that it was past time for the government to take effective steps to help stabilize the cedi in order to build a resilient and robust economy for macroeconomic stability.
This, she claims, will allow exporters to conduct themselves better and grow their businesses without having to deal with Letters of Commitment (LOC) issues.
Madam Josiah made the announcement during a seminar on LOCs hosted by the GSA in collaboration with the Bank of Ghana (BoG) for key stakeholders in the Ashanti region.
The seminar was intended to address issues raised by the Bank of Ghana's Letter of Commitment for the repatriation of export proceeds to businesses.
Participants included exporters, bankers, and international trade stakeholders.
She stated that the goal of the LOC was to further improve the country's balance of payment deficits and contribute to GDP, thereby contributing to economic growth and currency stability.
She stated that better services for importers and exporters required a multi-sectoral approach.
She stated that the GSA would continue to protect and promote the interests of exporters and importers, as well as address issues that arose during shipment.
Madam Josiah emphasized the importance of preparing shippers to be familiar with the national trading scene and aware that the GSA would assist them in addressing their concerns at the borders.
She also mentioned that delays in receiving repatriated funds from the bank, as well as high commissions charged by commercial banks, were being addressed to ensure that the quality and quantity of consignments were not jeopardized.
Mr George Danquah Ameyaw, Director of the Ghana Export Promotion Authority's (GEPA) Ashanti, Bono East, and Ahafo regions, stated that the National Export Development Strategy (NEDS) aimed to encourage Ghanaians to add value to local produce before export.
This would help to increase the country's foreign exchange reserves and meet the government's 'Ghana Beyond Aid' agenda.
Mr John Ammisah Glover, GSA's Deputy Ashanti Regional Manager, stated that proper LOCs and repatriation of export proceeds were required for exporters to promote trade sanity.
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