The Bank of Ghana (BoG) has announced the introduction of detailed guidelines to govern the application of exchange rates by players in Ghana’s shipping industry.
The new directive, which comes into effect on Monday, July 22, 2025, is aimed at promoting transparency, consistency, and alignment with existing foreign exchange regulations for services provided at the country’s ports.
The guidelines follow a series of consultations between the BoG and key stakeholders in the shipping industry, including freight forwarders, shipping lines, and regulatory bodies.
According to a statement issued by the Central Bank on July 22, the measure is designed to eliminate arbitrary exchange rate practices and ensure that customers are not unfairly charged in foreign currency transactions at the ports.
“The guidelines shall come into effect on 22nd July 2025 and remain in force until otherwise amended or revoked,” the Bank said.
Under the new rules, all shipping and logistics companies operating in Ghana are required to publish the daily exchange rates they use for invoicing on their official websites and/or at their physical premises.
These rates must be made accessible to customers and must be communicated before any invoices are issued or payments made.
Invoices are now expected to include key information such as the currency in which the service is charged, the specific exchange rate applied, the date the rate was used, and the final invoiced amount in Ghana cedis (GHS) or US dollars (USD).
Furthermore, the BoG has emphasised that exchange rates applied by shipping industry players must be market-reflective and benchmarked to the Bank’s published interbank exchange rates.
This means companies must base their rates on prevailing commercial bank exchange rates and are prohibited from applying arbitrary or excessive rates that are inconsistent with the market average.
To protect consumers, the guidelines also provide a formal dispute resolution mechanism.
Customers who believe they have been unfairly charged or misinformed about exchange rates can complain with the service provider.
If the issue remains unresolved, it can then be escalated to the Ghana Shippers’ Authority (GSA), which will act as the regulator in such matters.
The BoG reminded all stakeholders of their obligations under the Foreign Exchange Act, 2006 (Act 723), warning that any failure to comply with the new directive could lead to administrative sanctions.
The introduction of this framework marks a significant step in tightening oversight over foreign currency dealings in the shipping sector, a key revenue-generating industry that is often a focal point for international trade and foreign exchange transactions.
It is also part of broader efforts by the Central Bank to enforce discipline and clarity in the application of exchange rates across all sectors of the economy.
Industry observers say the new policy could enhance customer confidence and reduce longstanding complaints about unpredictable or inflated forex conversions at Ghana’s ports.
