The Bank of Ghana has introduced new guidelines for the application of exchange rates by players in the shipping industry, aimed at enhancing transparency, fairness, and alignment with regulatory standards across port-related services.
In a notice dated July 22, 2025, the central bank outlined a set of directives that require all operators in the shipping sector to adopt clear and consistent practices in quoting and applying foreign exchange rates. These measures follow stakeholder consultations and are designed to curb arbitrary pricing practices, ensure market-reflective rates, and protect consumers from unexpected forex charges.
According to the notice, all shipping industry players operating in Ghana must publish their daily exchange rates used for invoicing, either on their websites or visibly at their premises. These rates must be made known to customers before any invoices are issued or payments made.
“Invoices should clearly indicate the currency of the service, the applied exchange rate, the date of application, and the final amount in either Ghana cedis (GHS) or US dollars (USD),” the statement emphasized.
The guidelines further stipulate that the exchange rates used by shipping service providers must reflect prevailing commercial bank rates and be benchmarked to the Bank of Ghana’s published interbank exchange rate, rather than being arbitrarily set.
In the event of disputes related to exchange rate application, customers are advised to first lodge formal complaints with the service providers. If unresolved, the matter may be escalated to the Ghana Shippers’ Authority (GSA) for redress.
All industry participants are also required to comply with the provisions of the Foreign Exchange Act, 2006 (Act 723), and relevant regulatory notices. The Bank of Ghana warned that failure to comply with these guidelines could result in administrative sanctions.
The directive takes effect from July 22, 2025, and will remain in force until amended or revoked.
