GUTA wants specific timelines for BoG's new directive on forex for imports

The President of the Ghana Union of Traders Association (GUTA) has called on the Bank of Ghana to provide specific timelines for its new directive on providing forex for imports.

According to him, the announcement came at a time when goods had already been procured by traders, therefore withdrawal of support by the Bank of Ghana may cripple some businesses.

“We are appealing to the Bank of Ghana to provide timelines. If we are saying that the directive will apply to new imports, let’s establish it because how will we pay for goods that have already been procured?” Dr Obeng is quoted by citinewsroom.com.

He also explained that “the same businessmen will be those investing in the other sectors that the government is trying to boost.”

The Bank of Ghana in an electronic message to banks announced the withdrawal of 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.

“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,” an electronic message to banks read.

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SSD/MA