Banks withdraw FX support to importers of rice, chicken, others

Reports indicate that banks in the country have withdrawn foreign exchange (particularly dollars) support to customers involved in the importation of rice, chicken, cooking oil, ceramic, bottled water, fruit juice and other goods.

Reports further indicate that, the withdrawal of foreign exchange support to importers by banks, follows a directive from the Central Bank.

According to Joy News’ the directive from the Central Bank is contained in an electronic message to banks which reads, “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”, the Central Bank noted.

The move by the Central Bank, from the viewpoint of economic analysts, will be seen 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.

Source: norvanreports.com