Ghana’s Corn Imports Rises, BoG Tightens Forex Rules, and New Financing for Cocoa and Oil Palm

Ghana’s economy is seeing key shifts this week as new data and policy moves shape the agriculture, trade, and financial sectors. From rising corn imports to fresh financing frameworks for strategic crops, here are the major highlights driving the conversation.

Corn Imports to Hit 500,000 MT in 2025/2026 Marketing Year

Ghana’s corn imports are projected to soar to 500,000 metric tonnes in the 2025/2026 marketing year, according to the U.S. Department of Agriculture’s Grain and Feed Annual Report. This marks a 67 percent jump compared to last year.

The increase follows the government’s decision to maintain the suspension of restrictions on corn imports, a policy aimed at easing supply pressures and stabilising prices. Earlier in February, corn prices hit GH¢380 per 50kg bag, prompting policymakers to rely on imports to prevent further spikes.

While consumers and agribusinesses are benefiting from falling prices, the surge in imports has sparked concerns among local farmers. Reports from the Afram Plains indicate a glut in domestic maize production, leaving many farmers without buyers.

Anthony Morrison, CEO of the Chamber of Agribusiness Ghana, has urged the government to adopt a long-term strategy to protect local producers. “We may have to look at a long-term strategy, not just beating down the production costs,” he said.

Without a clear balance between imports and domestic output, stakeholders warn that local farmers could be crowded out of the market, threatening the sustainability of Ghana’s maize sector.

Importers and Exporters Directed to Use Credit Cards for Overseas Transactions

The Importers and Exporters Association of Ghana is urging members to load funds onto credit or Visa cards for international travel, in compliance with new Bank of Ghana (BoG) foreign exchange rules.

The central bank has set limits of $10,000 for inbound travellers and $50,000 for outbound travellers, as part of broader anti-money laundering and currency regulation measures.

Samson Asaki Awingobit, Executive Secretary of the Association, welcomed the directive, describing it as consistent with international best practices. “If you need to purchase goods above $10,000, it should be done through a proper bank-to-bank transaction. That’s why we are encouraging the business community to sign up for credit cards and use them for international trade,” he explained.

Travellers carrying amounts above the thresholds are required to declare their funds using the official FX-5 form and provide supporting documents such as endorsed forex bureau receipts and bank slips.

The directive is expected to strengthen Ghana’s compliance with global standards while improving transparency in foreign currency transactions.

Government Eyes New Financing Frameworks for Cocoa, Oil Palm, and Strategic Crops

The government has inaugurated three technical committees to design new financing frameworks for cocoa, oil palm, and other strategic crops.

The move, led by Finance Minister Dr. Cassiel Ato Forson, seeks to address chronic funding gaps that limit productivity in Ghana’s agriculture sector.

The Agriculture Financing Committee, the first to be inaugurated, has three weeks to deliver a comprehensive policy proposal. Two additional committees focusing on cocoa and oil palm will support this work. Membership cuts across the Ministry of Finance, Bank of Ghana, EXIM Bank, GIRSAL, the Development Bank of Ghana, COCOBOD, the Tree Crops Development Authority, and the Environmental Protection Authority.

Dr. Forson stressed that improving access to finance for cash crops is central to Ghana’s economic transformation. The new frameworks are expected to unlock capital, boost productivity, and strengthen sustainability across the agricultural value chain.

Investor’s Insight – GOIL Reaches All-Time High

Investor sentiment is strong on the Ghana Stock Exchange, with GOIL shares hitting an all-time high after recording a 43.40% year-to-date (YTD) gain.

The rally highlights renewed investor confidence in Ghana’s downstream petroleum sector, even amid exchange rate volatility and global energy market uncertainties.

Today's updates from the Cedi Board® highlight the delicate balance Ghana faces in managing imports, stabilising financial transactions, and unlocking agricultural financing. While consumers may enjoy relief from falling corn prices and stronger forex compliance, the challenge remains in protecting local farmers and ensuring sustainable agricultural growth.

Stay tuned to the Cedi Board® for real-time updates on Ghana’s financial pulse. From prices and policy to investment tips that help you make sense of the numbers.