BoG’s foreign exchange support withdrawal on consumable goods importation a good initiative – CARP Board Chair

Mildred Xorlali Babantsi
Mildred Xorlali Babantsi
3 Min Read

Chairman for the Competitive African Rice Platform, Yaw Adu Poku has backed the Bank of Ghana on its move to withdraw foreign exchange support used for the importation of consumable goods. 

 The Central Bank of Ghana, on November 17, 2022,  directed all commercial banks in the country to halt the provision of all foreign exchange support needed to import rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water, ceramic tiles, and other non-critical goods.  

This directive forms part of the measures outlined by the President, H.E. Nana Akuffo Addo, to combat the depreciating cedi. 

Speaking to UniversBusiness, Yaw Adu Poku commended the initiative and called for the support of Ghanaians in backing it.

“Why do we continue to import poultry and frozen fish whilst we can do same here and create employment for the young ones coming out of the schools, and then be proud that we are doing local production? We grow rice is Accra and Navrongo. so why should we change money to go and buy rice from Vietnam?  So I think this time, the policy maker got it right, this is a policy in the right direction we have been waiting to hear such as tuition coming in”.  He spoke to Univers Business.  

 He further advised the government to channel the scarce foreign exchange to importing farming materials like tractors and fertilizers, as well as providing avenues for farmers to access funds for the production of local rice in the country.  

“Ghana is producing in excess of 1 million metric tons of rice. We eat in excess of 1.4 million metric tons of milled rice. That means that we have to produce about 3 million 4 million metric tons of paddy to get that 1.4 million metric tons of milled rice. What it means is that government should channel the scarce foreign exchange in bringing in fertilizer and harvester and tractor, that is what government should be doing. And then making it more conducive enough for farmers to be able to access credit”. He added.

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