BoG directs banks to withdraw foreign exchange support for importation of rice, vegetable oils, others

The Bank of Ghana has directed banks to withdraw foreign exchange support to customers for the importation of certain non-critical or essential goods.

Joy Business however understands that the withdrawal of the FX support for the importation of these non-essential goods took effect in the past three weeks.

The goods affected include rice, poultry, vegetable oils, toothpicks, pasta, fruit juice, bottled water and ceramic tiles.

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 30^th 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.

This move will be seen by many as a policy that will help reduce the country’s exposure to imports.

This will subsequently reduce the high demand for US dollars and other major foreign currencies, and consequently slowdown the rapid depreciation of the cedi.

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