The Bank of Ghana (BoG) has announced new guidelines to streamline the application of exchange rates by all players in the shipping industry operating within Ghana. This follows extensive consultations with industry stakeholders and aims to promote transparency, fairness, and regulatory compliance in foreign exchange pricing at the country’s ports.
According to the Bank, the guidelines, which take effect from 22nd July 2025, are designed to ensure consistency and alignment with existing foreign exchange laws, particularly the Foreign Exchange Act, 2006 (Act 723).
The initiative seeks to prevent arbitrary determination of exchange rates and to protect the interests of customers who pay for shipping-related services.
Under the new rules, all shipping industry players are required to publish their daily exchange rates used for invoicing on their official websites and/or display them clearly at their business premises. Customers must be informed of the applicable exchange rate prior to invoice issuance or payment.
Invoices must now include detailed information such as the currency of the service rendered, the applied exchange rate, the date the rate was applied and the final payable amount, either in Ghana cedis (GHS) or US dollars (USD).
The exchange rates applied must reflect prevailing commercial bank rates, which should, in turn, be benchmarked against the Bank of Ghana’s published interbank exchange rate. Any deviation or manipulation could lead to punitive measures.
In the event of disputes regarding the applied exchange rate, customers have the right to lodge formal complaints with the respective service providers. If the issue remains unresolved, it can be escalated to the Ghana Shippers’ Authority (GSA) for redress.
The Bank of Ghana has also cautioned that non-compliance with these guidelines may attract administrative sanctions, emphasising that all industry participants must strictly adhere to the provisions of the Foreign Exchange Act and related notices.
The directive was signed and issued by Ms. Sandra Thompson, Secretary to the Bank, reinforcing the central bank’s commitment to strengthening monetary governance and enhancing customer protection in Ghana’s shipping sector.
By: Daniel Orlando/newsalertgh.com
