{"id":1255126,"date":"2022-11-21T15:57:03","date_gmt":"2022-11-21T15:57:03","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/11\/21\/agi-welcomes-withdrawal-of-fx-support-for-some-imported-products\/"},"modified":"2022-11-21T15:57:03","modified_gmt":"2022-11-21T15:57:03","slug":"agi-welcomes-withdrawal-of-fx-support-for-some-imported-products","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/11\/21\/agi-welcomes-withdrawal-of-fx-support-for-some-imported-products\/","title":{"rendered":"AGI welcomes withdrawal of fx support for some imported products"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Association of Ghana Industries (AGI) has welcomed the Bank of Ghana\u2019s policy to withdraw foreign exchange support for the importation of non-essential goods.<\/p>\n<p><span class=\"s3\"><span class=\"bumpedFont15\">This follows an electronic announcement made by the central bank to withdraw foreign exchange support to discourage the importation of some non-essential commodities. <\/span><\/span><\/p>\n<p><span class=\"s3\"><span class=\"bumpedFont15\">The commodities affected include rice, poultry, vegetable oils, toothpicks, pasta, fruit juice, bottled water and ceramic tiles. <\/span><\/span><\/p>\n<p><span class=\"s3\"><span class=\"bumpedFont15\">Speaking in an interview with <strong>Citi News<\/strong>, the Greater Accra Regional Chairman for the Association, Dr. Tsonam Cleanse Akpaloo, explained that, the policy will encourage the consumption of local products that will contribute to the stabilization of the cedi. <\/span><\/span><\/p>\n<p><span class=\"s3\"><span class=\"bumpedFont15\">He further said that, the policy will strengthen the private sector to augment its production of local goods. \u00a0<\/span><\/span><\/p>\n<p><span class=\"s3\"><span class=\"bumpedFont15\">\u201cIf government is taking steps to ensure that local products are given the needed attention, it is indeed a great thing for AGI. As you see, the main challenge we are facing now is we are not patronizing locally made products<\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\"> and relying on imported products <\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">thus, <\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">making the cedi fall under intense pressure\u201d, <\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">Dr. Akpaloo<\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\"> added. <\/span><\/span><\/p>\n<p><span class=\"s3\"><span class=\"bumpedFont15\">An economics l<\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">ecturer at the University of Ghana, Professor Lord Mensah, in a separate interview described the policy directive by the central bank as \u201charsh\u201d. <\/span><\/span><\/p>\n<p><span class=\"s3\"><span class=\"bumpedFont15\">According to him, the central bank should have gradually enforced the policy while assessing whether local farmers have the capacity to augment production of the non-essential commodities. <\/span><\/span><\/p>\n<p><span class=\"s3\"><span class=\"bumpedFont15\">\u201cYou (BoG) can\u2019t get up overnight and put up a statement and not a<\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">ss<\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">ess the capacity of the local farmers. Usually<\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">,<\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\"> such policies are supposed to be gradual because you look at your target base<\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">\u201d, Prof. Mensah noted<\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">.<\/span><\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Association of Ghana Industries (AGI) has welcomed the Bank of Ghana\u2019s policy to withdraw foreign exchange support for the importation of non-essential goods. This follows an electronic announcement made by the central bank to withdraw foreign exchange support to discourage the importation of some non-essential commodities. The commodities affected include rice, poultry, vegetable oils, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1255128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[1426,13248,2973,115,3137,6840],"class_list":{"0":"post-1255126","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-agi","9":"tag-imported","10":"tag-products","11":"tag-support","12":"tag-welcomes","13":"tag-withdrawal"},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1255126","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=1255126"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1255126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1255126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1255126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1255126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}