The International Monetary Fund (IMF) has communicated to the Ghanaian government that it cannot impose or escalate import restrictions for balance of payments purposes.

This agreement is part of the IMF bailout package, which commits to providing Ghana with $3 billion in support for its balance of payments between 2023 and 2026.

“No imposition or intensification of import restrictions for balance of payments reasons”, the Fund stressed on page 76 of the programme document. Amongst other things, there are four decisions the Government of Ghana cannot take while it is still under the IMF programme. These decisions align with performance criteria common to all Fund arrangements, which include:

No imposition or intensification of restrictions on making payments and transfers for current international transactions.

No introduction or modification of multiple currency practices.

No conclusion of bilateral payments agreements inconsistent with Article VIII of the IMF Articles of Arrangement.

No imposition or intensification of import restrictions for balance of payments reasons.

The Fund emphasised that these four performance criteria will be monitored continuously.

The Government of Ghana unexpectedly suspended the decision to present the Legislative Instrument (L.I.) before parliament, aiming to restrict the importation of 22 listed products.

The proposed regulation, pushed by the Trade Minister K.T Hammond, sought to place restrictions on the importation of items like rice, cement, fish, sugar, and animal stomachs known as 'yemuadie.'

The Trade Minister hoped this regulation would boost the local currency and support the growth of domestic industries. However, the Minority in Parliament called for the withdrawal of the regulation, citing concerns about its potential impact on trade and industry.