The Bank of Ghana has been urged to offer clear timetables for its new order on releasing foreign exchange for imports, according to the president of the Ghana Union of Traders Association (GUTA).

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He claimed that because the news was made after traders had already purchased products, the Bank of Ghana's removal of support could have a disastrous effect on some companies.

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"We are requesting timetables from the Bank of Ghana.

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How will we pay for items that have already been purchased, if we are to assume that the regulation would apply to fresh imports?

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The website citinewsroom.com cites Dr. Obeng.

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The same businessmen will invest in the other industries that the government is attempting to develop, he added.

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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.

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The new policy came into effect three weeks ago.

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“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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