The Bank of Ghana has stopped providing customers with foreign exchange assistance for the importation of some non-critical or necessary products.
Joy Business is aware that the FX support for the importation of certain non-essential commodities was terminated in the last three weeks, though.
Rice, poultry, vegetable oils, toothpicks, pasta, fruit juice, bottled water, and ceramic tiles are among the products that are impacted.
An electronic message from the Bank of Ghana to the banks cited by Joy Business read “in accordance with the President [Akufo-Addo] directive issued at his recent address to the nation on the Ghanaian economy, on Sunday 30th October, 2022, the Bank of Ghana will no longer provide FX support for the imports of rice, poultry, vegetable oils, toothpicks, pasta, fruit juice, bottled water, ceramic tiles and other non-critical goods”.
“Please be advised and act accordingly”, it pointed out.
Many people will view this action as a policy that will help the nation become less dependent on imports.
As a result, the demand for US dollars and other major foreign currencies would decline, which will limit the cedi’s rapid depreciation.
Adam Ibrahim
Adam is passionate about politics and issues that affect governance. As a writer, he channels his energies into writing on pertinent national and political issues for the good of the Ghanaian people.
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