The Bank of Ghana (BoG) has issued a new directive for all participants in the shipping industry, requiring them to adopt transparent and market-reflective exchange rates in their pricing models. These guidelines will take effect on Monday, July 22, 2025, and aim to promote consistency and regulatory compliance in foreign exchange practices within the sector.
Outlined in formal notice No. BG/GOV/SEC/2025/47, the central bank emphasized that this initiative comes after consultations with key stakeholders in the shipping industry. The guidelines are intended to reduce arbitrary exchange rate practices, enhance transparency in port-related charges, and ensure that customers are well informed about the pricing basis in either Ghana cedis or US dollars.
The BoG has stated, “All industry players must publish daily exchange rates used for invoicing on their websites and/or at their premises.” These rates must be clearly available to customers prior to issuing invoices or accepting payments. Additionally, invoices are now required to provide complete information, including the currency of the service rendered, the applicable exchange rate, the date of application, and the total amount payable in either Ghana cedis (GHS) or US dollars (USD).
Crucially, the BoG has directed that exchange rates used must reflect prevailing market conditions and align with the commercial bank rates, benchmarked against the central bank’s published interbank exchange rate. The notice stresses that rates must not be “arbitrarily determined.” To resolve any potential disputes, customers are first encouraged to lodge formal complaints directly with service providers. If unresolved, complaints may be escalated to the Ghana Shippers’ Authority (GSA) for redress.
The directive further reminds industry players to comply with the Foreign Exchange Act, 2006 (Act 723), and all related regulatory notices. Non-compliance, the central bank warned, could lead to administrative sanctions.
Source: GraphicOnline
