The Importers and Exporters Association of Ghana (IEAG) has accused politically connected cartels of hijacking the auctioning of perishable goods at the country’s ports, warning the practice is crippling businesses and eroding investor confidence.

In a strongly worded statement, the Association linked the development to Ghana’s persistent foreign exchange shortages, which it says have left importers unable to access dollars quickly enough to clear shipments.

Under existing law, goods on the Uncleared Cargo List (UCL) are meant to enjoy a 60-day grace period before being auctioned.

But the IEAG says this window has been slashed to just 21 days without explanation, a loophole it claims is being exploited by politically connected businessmen who scoop up consignments at cut-rate prices, often without any proper gazetting or legal process.

Even more galling for traders, according to the group, is that while importers lose their goods and still face heavy demurrage charges, the beneficiaries of these auctions pay little more than a service fee of 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,” the Association said.

The IEAG is demanding the immediate restoration of the 60-day grace period, a first-time clearance option for importers struggling with forex, and a full investigation by the Customs Division and security agencies into what it calls a “political cabal” profiting from the system. It is also calling on the Bank of Ghana to ensure that commercial banks make forex available at fair rates.

The Association has warned it could mount mass action if authorities fail to intervene swiftly.

Sompaonline.com