No Foreign Exchange Support For Imports of Rice, Poultry & Veg. Oil: BoG Instructs Banks

The Bank of Ghana (BoG) has instructed banks that as of  Thursday, November 17, they are not to supply foreign exchange to people for the import of items such as rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water, ceramic tiles, and others.

This is in accordance with the instruction given by President Nana Addo Dankwa Akufo-Addo in his recent address to the nation on measures to address the economic issues.

In his speech on Sunday, October 30, President Akufo-Addo stated that the government was reviewing the standards for imports into the nation, prioritizing the imports, as well as reviewing the management of the foreign exchange reserves, in relation to the imports of goods like rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water, ceramic tiles, and others that could be manufactured with increased government support and that of the banking sector.

Parts of The President’s Speech Read As Follows:

“The government will, in May 2023, that is six (6) months from now, review the situation.

We must, as a matter of urgent national security, reduce our dependence on imported goods, and enhance our self-reliance, as demanded by our overarching goal of creating a Ghana Beyond Aid.

Much as we believe in free trade, we must work to ensure that the majority of goods in our shops and marketplaces are those we produce and grow here in Ghana.

That is why we have to support our farmers and domestic industries, including those created under the 1-District-1-Factory initiative, to help reduce our dependence on imports, and allow us the opportunity to export more and more of our products and guarantee a stable currency that will present a high level of predictability for citizens and the business community.

Exports, not imports, must be our mantra! Accra, after all, hosts the headquarters of the Secretariat of the African Continental Free Trade Area.”

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