The Importers and Exporters Association is warning that food shortages may occur and food prices may increase in the coming days.
The warning comes on the back of the Bank of Ghana’s announcement on Sunday, October 30, 2022, to end the provision of fakes for the importation of certain commodities in line with President Akufo-Addo’s directive to the Nation on the Economy. .
A message from the central bank to commercial banks reads: “In line with the directive of the President, in his address to the nation on the Ghanaian economy on Sunday, October 30, 2022, the Bank of Ghana will no longer provide FX support. Imported rice, poultry, vegetable oils, toothpaste, pasta, fruit juice, bottled water, ceramic tiles and other non-essential items”.
However, the Importers and Exporters Association has warned that if the directive is implemented, it will have dire consequences for the country’s food supply and other basic supplies.
The Secretary General of the Association of Importers and Exporters, Samson Asaki Awinbobit, cautioned that Ghana currently has no capacity to implement the directive to the latter without facing expected shortages.
“In the short term, we will see price volatility for these products. [rice, poultry, vegetable oils, toothpicks, pasta, fruit juice, bottled water, ceramic tiles] Especially if the Bank of Ghana starts to implement this policy towards the end.
“What it means is that they will store these stocks in their warehouses and by January we will start seeing some shortages because the commercial bank does not have the forex to satisfy the market and therefore the Bank of Ghana will not come to help them, what it means is that only a few people can go and fetch these funds.