Bank of Ghana withdraws foreign exchange support for rice, oil, poultry importation

The Bank of Ghana reports that this instruction will take effect on Thursday, November 17, 2022.

The removal of the FX support for the importation of these non-essential commodities went into effect three weeks ago, according to Joy Business.

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As stated in the President’s recent address to the nation on the state of the Ghanaian economy, “…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” as of Sunday, October 30, 2022.

The message to the banks said, “Please be informed and act properly.”

It is the government’s view that this move will help reduce the country’s exposure to imports and thus reduce the high demand for US dollars and other major foreign currencies, consequently slowdown the rapid depreciation of the cedi.

Members of the Korea Importers Association of Ghana have also voiced their alarm over the continuous depreciation of the Ghanaian cedi in a related development.

They are requesting a drastic reduction in import duties since they claim that their firms are crumbling due to the devaluing cedi and excessive duties.

Dumenu George, the general secretary, claimed during a news conference that their business had been badly impacted by the duplication of duties and additional fees on duty that delay the passage of goods at the ports.

He claims that clearing agents who are overworked and unable to meet deadlines cause demurrage.

He pointed out that importers prefer to pay banks directly using unique codes to speed up the clearing of products.

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