• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Banks withdraw FX support to importers of rice, chicken, others

3 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
A photo illustration show the US Dollars in Buenos Aires, Argentina, on October 16, 2019. (Photo illustration by Carol Smiljan/NurPhoto)

A photo illustration show the US Dollars in Buenos Aires, Argentina, on October 16, 2019. (Photo illustration by Carol Smiljan/NurPhoto)

247
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

AGI Reports Improved Dollar Supply, Applauds Recent BoG FX Measures 

ECG Cancels Over 200 Contracts in Procurement Clean-Up

Harry Kane Makes History: Fastest to Reach 100 Goals for Bayern Munich

Banks withdraw FX support to importers of rice, chicken, others

Reports indicate that banks in the country have withdrawn foreign exchange (particularly dollars) support to customers involved in the importation of rice, chicken, cooking oil, ceramic, bottled water, fruit juice and other goods.

Reports further indicate that, the withdrawal of foreign exchange support to importers by banks, follows a directive from the Central Bank.

The directive from the Central Bank, is said to be contained in an electronic message to banks which reads, “In accordance with the President [Akufo-Addo] directive issued at his recent address to the nation on the Ghanaian economy, on Sunday 30th 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”.

“The government will, in May 2023, that is six (6) months from now, review the situation. We must, as 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.

“Much as we believe in free trade, we must work to ensure that the majority of goods in our shops and marketplaces are those we produce and grow here in Ghana.

“That is why we have to support our farmers and domestic industries, including those created under the 1-District-1-Factory initiative, to help reduce our dependence on imports, and allow us the opportunity to export more and more of our products and guarantee a stable currency that will present a high level of predictability for citizens and the business community,” the Central Bank noted.

President Akufo-Addo in his address on Sunday October 30, said the government was reviewing the standards required for imports into the country, prioritise the imports, as well as review the management of the foreign exchange reserves, in relation to imports of 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.
The move by the Central Bank, from the viewpoint of economic analysts, will be seen as a policy that will help reduce the country’s exposure to imports.

This will subsequently reduce the high demand for US dollars and other major foreign currencies, and consequently slowdown the rapid depreciation of the cedi.

Source: norvanreports
Tags: Banks withdraw FX support to importers of ricecedichickendollarsothers
No Result
View All Result

Highlights

Manchester United Unveils Plans for Canopy-Free Old Trafford Upgrade

Premier League: Hearts of Oak Edge Eleven Wonders to go top

Why Women Must Be Involved In Building Flood Resilience

African Development Bank Group and Michael Bloomberg to Drive Private Investment into Africa

Bitcoin Drops to $109K as Crypto Market Loses $200 Billion

AI in Africa: 5 Issues That Must be Tackled for Digital Equality

Trending

Features

AGI Reports Improved Dollar Supply, Applauds Recent BoG FX Measures 

September 27, 2025

AGI Reports Improved Dollar Supply, Applauds Recent BoG FX Measures  The Association of Ghana Industries (AGI) has...

ECG Cancels Over 200 Contracts in Procurement Clean-Up

September 27, 2025

Harry Kane Makes History: Fastest to Reach 100 Goals for Bayern Munich

September 27, 2025

Manchester United Unveils Plans for Canopy-Free Old Trafford Upgrade

September 27, 2025

Premier League: Hearts of Oak Edge Eleven Wonders to go top

September 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.