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By Samuel Asamoah
The Bank of Ghana (BoG) has formally issued new guidelines requiring transparency and standardisation in the application of exchange rates by operators in Ghana’s shipping industry. Announced via Notice No. BG/GOV/SEC/2025/47, the directive mandates public disclosure of daily exchange rates and clear invoicing practices, following mounting concern over arbitrary forex charges at the ports.
This seismic regulatory shift was prompted by the Ghana Shippers Authority (GSA), led by its Chief Executive Officer, Professor Ransford Edward Gyampo. Prof. Gyampo confirmed that the BoG intervention was sparked by mounting complaints from shippers regarding the unfair application of exchange rates by some shipping lines. “Some shipping lines are using their own arbitrary exchange rate,” he stated, underscoring that a detailed GSA inquiry validated the allegations.
Following the investigation, Prof. Gyampo formally petitioned the Governor of the Bank of Ghana, prompting the central bank to convene meetings with affected stakeholders on July 15. Those meetings resulted in the directive issued today .
Under the new BoG guidelines, industry players must publish daily exchange rates—either on company websites or at their premises—benchmarked against the Bank of Ghana’s interbank rate and reflecting actual commercial bank pricing. These rates must be communicated to customers before invoicing, and all invoices must specify the service currency, applied exchange rate, date of application, and the final amount in Ghana Cedis (GHS) or U.S. Dollars (USD) .
The regulations also provide a dispute-resolution pathway: customers are first to lodge complaints with the service provider. Unresolved cases may be escalated to the Ghana Shippers Authority . Non-compliance with the directive could result in sanctions, as reminded by BoG.
The BoG highlighted that the measures aim to curb arbitrary pricing, enhance procedural consistency, and align port-related forex practices with Ghana’s broader financial regulatory framework .
This move has been welcomed by industry stakeholders, who view it as a positive stride toward improving cost-efficiency and maintaining currency stability. Importers, exporters, and freight forwarders have experienced first-hand how unregulated exchange rates have inflated operational costs. With the introduction of these guidelines, transparency and fairness are expected to become the norm at Ghana’s ports.
Bank of Ghana has pledged ongoing monitoring and will take necessary enforcement action to ensure compliance. Meanwhile, the GSA under Prof. Gyampo’s continued leadership remains committed to safeguarding the interests of Ghanaian shippers and advancing a competitive and transparent maritime sector.
