BoG discontinues foreign exchange assistance for the importation of rice, vegetable oils, and other goods

The Bank of Ghana has stopped providing clients with foreign exchange assistance for the importation of some non-essential or luxury items.

We are aware that in the last three weeks, the FX assistance for the importation of some non-essential items was terminated.

Rice, chicken, vegetable oils, toothpicks, pasta, fruit juice, bottled water, and ceramic tiles are among the products that are impacted.

Ghanatodayonline.com cites an electronic communication sent by the Bank of Ghana to the banks that 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 made a point.

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 fast devaluation.

Source: Ghanatodayonline.com