The Chief Executive Officer of the Ghana Shippers’ Authority (GSA), Prof. Ransford Gyampo has taken decisive action to protect Ghanaian importers and exporters from what he describes as “arbitrary and exploitative exchange rate practices” by some shipping lines operating at the country’s ports.
According to the CEO, his office had been inundated with complaints from shippers across the country, alleging that certain shipping lines were unilaterally applying inflated exchange rates when quoting port-related charges—rates far above those set by the Bank of Ghana. These practices, he said, were not only eroding the value of the cedi but also undermining the government’s broader efforts to reduce the cost of doing business at the ports.
“As Chief Executive Officer of the Ghana Shippers’ Authority, I received complaints from many shippers that some shipping lines were using arbitrary exchange rates at the ports in a manner that was making nonsense of the huge effort of the government to strengthen our currency against the dollar and to reduce the cost of doing business at the ports in Ghana,” the CEO stated.
In response to the mounting concerns, the Authority launched a research investigation into the matter. The findings confirmed widespread abuse of exchange rate application, reinforcing the claims made by shippers. Based on the evidence, the GSA CEO formally petitioned the Governor of the Bank of Ghana, urging immediate regulatory action.
“I commissioned a research into the problem and with the findings confirming the complaints received, I petitioned the Governor of the Bank of Ghana (BoG) and demanded that the whip be cracked on those seeking to milk dry the poor Ghanaian shipper,” he said.
The petition prompted swift action from the central bank, which convened an emergency stakeholder meeting on the issue. Key representatives from shipping lines, regulatory bodies, and other affected stakeholders were summoned to the Bank of Ghana to deliberate and chart a way forward.
Describing the meeting as productive, the GSA CEO highlighted the collaborative spirit of all parties present and praised the shipping lines for showing a willingness to address the issue.
“As a sign of the stakeholders’ willingness to work to address the problem, they permitted me to take the pictures below and to put out this brief. Ghana would surely work under the Government of John Mahama,” he noted.
The intervention by the Ghana Shippers’ Authority Boss marks a major step in safeguarding the interests of local traders and ensuring transparency in port operations. It also reaffirms the government’s commitment to creating a fair and predictable business environment by holding international service providers accountable to national regulations.
The GSA says it will continue to monitor the situation closely and work with the Bank of Ghana and other regulators to ensure that all players in the shipping industry comply with approved exchange rates and pricing standards.
