By Eugene Davis
The Bank of Ghana has directed that exchange rates used by the shipping industry must reflect market conditions and align with commercial bank rates, benchmarked against the central bank’s published interbank exchange rate—rather than being arbitrarily set.
This directive follows stakeholder consultations and forms part of new guidelines aimed at promoting transparency, consistency, and regulatory compliance in foreign exchange pricing for port-related services.
According to a press release circulated to Business24 and Investment Times, the guidelines apply to all entities within the shipping sector operating in Ghana. Key provisions include:
Daily Exchange Rate Publication: All industry players must publish the exchange rates used for invoicing on their websites and/or physical premises.
Transparent Communication: Customers must be informed of applicable rates before invoices are issued or payments made.
Invoice Requirements: Invoices must state the service currency, applied exchange rate, date of application, and the total amount in GHS or USD.
Dispute Resolution: Complaints regarding exchange rate application should first be submitted to the service provider. If unresolved, they may be escalated to the Ghana Shippers’ Authority (GSA).
Industry players are also reminded to comply with the Foreign Exchange Act, 2006 (Act 723) and relevant regulatory notices. Non-compliance may attract administrative sanctions.
The guidelines take effect from 22nd July, 2025, and will remain in force until amended or revoked.
