The Bank of Ghana (BoG) has introduced new guidelines for the shipping industry, effective July 22, 2025, requiring transparent and market-reflective exchange rates in pricing models. The move aims to promote consistency and regulatory compliance in foreign exchange practices.
Outlined in a formal notice (No. BG/GOV/SEC/2025/47), the central bank emphasised that the move follows consultations with key stakeholders in the shipping industry. The guidelines are designed to curb arbitrary exchange rate practices, improve transparency in port-related charges, and ensure customers are well-informed about the basis for pricing in either Ghana cedis or US dollars.
“All industry players must publish daily exchange rates used for invoicing on their websites and/or at their premises,” the BoG stated, adding that such rates must be made clearly available to customers before invoices are issued or payments are made.
Invoices are now required to provide full disclosure of key information, including the currency of the service rendered, the applied exchange rate, the date of application, and the final 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.