The Importers and Exporters Association of Ghana (IEAG) is concerned over what it describes as a "mafia" system of illegal auctions at the country's ports.
The Association is accusing politically connected cartels of exploiting forex scarcity to dispossess legitimate traders of their goods.
In a statement signed by Samson Asaki Awingobit, Executive Secretary of IEAG, it said the deepening shortage of foreign exchange has left many importers unable to clear consignments, particularly perishable goods such as frozen foods, from the ports.
Rather than receiving relief, IEAG says its members are being subjected to 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.
