{"id":1254902,"date":"2022-11-21T11:30:48","date_gmt":"2022-11-21T11:30:48","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/11\/21\/importers-and-exporters-association-reacts-to-bogs-withdrawal-of-fx-support\/"},"modified":"2022-11-21T11:30:48","modified_gmt":"2022-11-21T11:30:48","slug":"importers-and-exporters-association-reacts-to-bogs-withdrawal-of-fx-support","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/11\/21\/importers-and-exporters-association-reacts-to-bogs-withdrawal-of-fx-support\/","title":{"rendered":"Importers and Exporters Association reacts to BoG&#8217;s withdrawal of FX support"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"513\" class=\"entry-thumb\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/11\/Sampson-Awingobit-Asaki-696x513.png\"   alt=\"Sampson Awingobit Asaki\" title=\"Sampson Awingobit Asaki\"\/><figcaption class=\"wp-caption-text\">Sampson Awingobit Asaki<\/figcaption><\/figure>\n<\/div>\n<p>The <strong>Importers and Exporters Association<\/strong> has hinted at possible food shortages over the Bank of Ghana (BoG)\u2019s <strong>decision to withdraw foreign exchange support<\/strong> for the importation of some food commodities. <\/p>\n<p>The development, according to the Association, will also cause a surge in food inflation in the coming days.<\/p>\n<p>Executive Secretary of the Association, Samson Asaki Awingobit made the disclosure on Asempa FM\u2019s <strong>Ekosii Sen<\/strong>.<\/p>\n<p><!-- \/22191989129,1002554\/MGL\/mgl_ado_atunwa_300x250 --><\/p>\n<p>Mr Awingobit said the directive was not the best at the moment as Ghana currently does not have the capacity to enforce it.<\/p>\n<p>\u201cI can tell you that within the shortest possible time, we will see an uprise in prices of these commodities; rice, poultry, vegetable oils, toothpicks, pasta, fruit juice, bottled water, and ceramic tiles especially if the Bank of Ghana goes ahead to implement this policy to the latter,\u201d he said.<\/p>\n<p>The Central Bank on November 17, 2022, directed banks to withdraw foreign exchange support to customers for the importation of certain non-critical or essential goods.<\/p>\n<p>This was in accordance with President Akufo-Addo\u2019s announcement to cut down importation in an address to the citizenry on the Economy on Sunday, 30th October 2022,<\/p>\n<p>But Mr Awingobit has predicted going forward, businesses with stock of these products may decide to hoard them, resulting in shortages.<\/p>\n<p>\u201cBy January, we will begin to see some shortages because the Commercial Bank will not have the forex to satisfy the market.<\/p>\n<p><strong>ALSO READ:<br \/>BoG directs banks to withdraw foreign exchange support for importation of rice, vegetable oils, others<\/strong><\/p>\n<p><strong>Importers and Exporters Association wants planned increase in duty suspended<\/strong><\/p>\n<p>\u201cSo if Bank of Ghana will not come in to help them, what it means is that only a few people will be able to raise these monies to go and bring these things,\u201d he added.<\/p>\n<p>            <!--  [embed]https:\/\/www.youtube.com\/watch?v=videoseries[\/embed]<!--\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>--><\/p>\n<div class=\"youtube-embed\" data-video_id=\"0kFvp4Qv9Hk\"><iframe loading=\"lazy\" title=\"Black Stars&#039; Qatar Chances - Nnawotwi Yi on Adom TV (19-11-22)\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/0kFvp4Qv9Hk?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sampson Awingobit Asaki The Importers and Exporters Association has hinted at possible food shortages over the Bank of Ghana (BoG)\u2019s decision to withdraw foreign exchange support for the importation of some food commodities. The development, according to the Association, will also cause a surge in food inflation in the coming days. Executive Secretary of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1254907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[661,2823,203,204,646,115,6840],"class_list":["post-1254902","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-association","tag-bogs","tag-exporters","tag-importers","tag-reacts","tag-support","tag-withdrawal"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1254902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1254902"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1254902\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1254902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1254902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1254902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}