BoG withdraws FX support for importation of rice, poultry, cooking oil, toothpick, pasta, fruit juice, bottled water, tiles

The Bank of Ghana has withdrawn forex support to banks for the importation of certain items classified as non-critical, as part of measures to fight the depreciation of the Ghana cedi in line with a directive by President Nana Akufo-Addo to that effect.

The new policy came into effect three weeks ago.

An electronic message from the Bank of Ghana to the banks, said: “In accordance with the president’s directive issued at his recent address to the nation on the Ghanaian economy on Sunday, 30 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”, the central bank notified the commercial banks.