Standards required for imports to be reviewed in May 2023 – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has disclosed that government will in May 2023 review the standards required for imports into Ghana. According to him, the decision seeks to reduce the impact of foreign exchange on imports and encourage domestic production for exports. In an address to the nation on the economy on October 30, President Akufo-Addo said the government will also review the management of Ghana’s foreign exchange reserves, concerning the importation of products. He explained the decision comes on the back of the high rate of importation which has been a contributing factor to the cedi’s decline and Ghana’s current economic woes. “We must 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.” “Products such as rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water and ceramic tiles, and others which, with intensified government support and that of the banking sector, can be manufactured and produced in sufficient quantities in Ghana.” he added. “Government will, in May 2023, that is six months from now, review the situation,” he disclosed. Meanwhile, President Akufo-Addo has hinted that Ghana could be securing an agreement with the International Monetary Fund by the end of December this year. MA/FNOQ Watch the latest episode of BizTech below:

President Nana Addo Dankwa Akufo-Addo has disclosed that government will in May 2023 review the standards required for imports into Ghana. According to him, the decision seeks to reduce the impact of foreign exchange on imports and encourage domestic production for exports. In an address to the nation on the economy on October 30, President Akufo-Addo said the government will also review the management of Ghana’s foreign exchange reserves, concerning the importation of products. He explained the decision comes on the back of the high rate of importation which has been a contributing factor to the cedi’s decline and Ghana’s current economic woes. “We must 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.” “Products such as rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water and ceramic tiles, and others which, with intensified government support and that of the banking sector, can be manufactured and produced in sufficient quantities in Ghana.” he added. “Government will, in May 2023, that is six months from now, review the situation,” he disclosed. Meanwhile, President Akufo-Addo has hinted that Ghana could be securing an agreement with the International Monetary Fund by the end of December this year. MA/FNOQ Watch the latest episode of BizTech below: