The Importers and Exporters Association of Ghana (IEAG) has expressed serious concern over what it describes as a “mafia” system of illegal auctions at the country’s ports, accusing politically connected cartels of exploiting foreign exchange scarcity to dispossess legitimate traders of their goods.
In a statement signed by Samson Asaki Awingobit, Executive Secretary of IEAG, the Association said the deepening shortage of foreign currency has left many importers unable to clear consignments, particularly perishable goods such as frozen foods. Rather than receiving relief, traders are reportedly being caught in a predatory cycle where their investments are hijacked and auctioned under questionable circumstances.
“Due to importers’ inability to secure forex on time to clear their goods, their consignments are pushed onto the Undercleared Cargo List (UCL),” the statement explained. “Shockingly, the statutory 60-day grace period before auctioning has been arbitrarily reduced to 21 days. Politically connected businessmen lie in wait for this window to elapse, after which goods are dubiously auctioned without recourse to the importer.”
IEAG further alleged that proper gazetting and legal processes are ignored, leaving affected traders to suffer crippling losses. Importers whose goods are seized are reportedly still forced to pay demurrage fees, while politically connected buyers avoid such costs, paying only shipping lines service charges ranging from GH¢6,000 to GH¢10,000.
“This fraudulent system not only robs importers of their hard-earned capital but also denies the state valuable revenue at a time when Ghana desperately needs every pesewa to stabilise the economy,” the Association said.
Describing the situation as “predatory and heartless,” IEAG warned that it undermines investor confidence and contradicts the government’s own calls for local business growth and inclusiveness.
“How can government, on one hand, call for local business growth, while on the other hand allow such hostile practices that only empower corrupt political cabals to the detriment of genuine traders?” the statement asked.
To address the crisis, IEAG is demanding:
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The immediate restoration of the 60-day UCL grace period
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A first-time clearance option allowing importers who miss deadlines to pay penalties instead of losing their goods
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A comprehensive investigation into the cartels behind the auctions
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Urgent intervention by the Bank of Ghana to ensure forex is available at fair and predictable rates
The Association warned that failure to act could cripple local businesses and destabilize the economy. “The IEAG wishes to make it clear that it will not sit aloof while its members are subjected to such exploitation. We stand ready to explore every legal and legitimate means, including mass action, should government and relevant authorities fail to act swiftly,” the statement concluded.
Source: Abubakar Ibrahim
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