BoG’s withdrawal of foreign exchange support is a very good policy – Food and Beverage Importers
An Executive Member of the Food and Beverage Importers Association has commended the Bank of Ghana (BoG) for the withdrawal of foreign exchange support for the importation of non-essential goods.
Earlier, Bank of Ghana in an electronic notice announced the withdrawal of foreign exchange support to importers for the importation of certain non-critical or essential goods.
The goods affected include; rice, poultry, vegetable oils, toothpicks, pasta, fruit juice, bottled water and ceramic tiles.
Speaking in an interview on Joy News’ The Pulse on Thursday, Mr John Awuni said the order is in the right direction.
This, he explained is because the country is currently in an economic crisis.
According to him, the withdrawal of FX support for the importation of these items will help the country to focus on consumption of locally produced goods.
“On the face value, it is a very good policy. In the sense that we are in very difficult and critical times … For me in terms of economics, that is right,” he said.
He, however noted that, “the timing is wrong. The decision has not been formulated based on any information…You cannot classify rice and vegetable oil as non-essential…we are not prepared as a country to produce these on our own.”
Source: Ghana News
