The requirements needed for imports entering Ghana will be reviewed in May 2023, according to President Nana Addo Dankwa Akufo-Addo.

He claims that the decision aims to promote domestic export manufacturing while minimizing the effect of foreign exchange on imports.

President Akufo-Addo stated in a speech to the nation on the economy on October 30 that the administration will also examine how Ghana's foreign exchange reserves are managed with regard to product imports.

He explained the decision comes on the back of the high rate of importation which has been a contributing factor to the cedi’s decline and Ghana’s current economic woes.

“We must 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.”

“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.” he added.

“Government will, in May 2023, that is six months from now, review the situation,” he disclosed.

Meanwhile, President Akufo-Addo has hinted that Ghana could be securing an agreement with the International Monetary Fund by the end of December this year.