BoG Governor
The Bank of Ghana (BoG), through an electronic notice, has announced to the general public its decision to withdraw foreign exchange support to importers who deal in some selected non critical or essential goods.
Speculations in the import industry suggest that Bank of Ghana’s move to cease the release of forex support for the importation of these non-essential goods took effect a couple of weeks ago.
Commodities affected by this include rice, pasta, ceramic tiles, vegetable oils, fruit juices and bottled water.
This ad-hoc policy directive of the central bank comes on the back of the President’s directive in his recent address to the nation in which he mentioned that plans were underway to affect the cessation of foreign exchange support for the importation of certain goods.
This development has been received with mixed reactions by the leadership and members of Ghana Union Traders Association as well as many other Ghanaians.
Several social commentators have described this policy as timely as they believe it will reduce the supply of foreign currencies including the United State Dollars in the economy and as such reduce the rapid depreciation rates of the Ghana cedi.
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