The Bank of Ghana has introduced comprehensive guidelines for the application of exchange rates within the shipping industry, effective July 22, 2025. This move aims to establish transparency, fairness, and regulatory compliance across port-related services, addressing concerns over arbitrary pricing and protecting consumers from unpredictable foreign exchange charges. The new directives mandate all shipping operators in Ghana to adopt clear and consistent exchange rate practices, ensuring that pricing aligns with market realities and established regulatory standards. This initiative follows extensive consultations with stakeholders, reflecting a collaborative approach to addressing challenges within the sector.
A key element of the guidelines is the requirement for public disclosure of exchange rates. All shipping industry players must publish their daily applicable rates, either on their websites or prominently at their business premises. This transparency ensures that customers are fully informed about the exchange rate being used before any transactions take place, allowing them to make informed decisions and avoid unexpected costs. This pre-invoicing disclosure is crucial for fostering trust and accountability within the industry. The published rates must be easily accessible and readily understandable for all customers.
The guidelines further stipulate specific requirements for invoicing practices. Invoices must clearly state the currency of the service being provided, the exchange rate applied, the date of application, and the total amount due in either Ghanaian Cedis (GHS) or US Dollars (USD). This detailed information on invoices ensures a clear audit trail and allows customers to verify the accuracy of charges based on the published exchange rates. The standardized format for presenting this information aims to simplify comparisons and enhance transparency across different service providers.
Crucially, the Bank of Ghana has linked the permissible exchange rates to established benchmarks. Shipping service providers are required to use exchange rates that reflect prevailing commercial bank rates and are benchmarked against the Bank of Ghana’s published interbank exchange rate. This measure prevents arbitrary rate setting and ensures that the rates used are reflective of market conditions. This linkage to the interbank rate provides a stable and transparent reference point, minimizing the potential for manipulation or unfair pricing practices.
The guidelines also establish a clear dispute resolution mechanism. In cases of disagreement concerning the application of exchange rates, customers are encouraged to first lodge formal complaints with the service provider in question. This encourages direct communication and provides an opportunity for the service provider to address the issue promptly. If the complaint remains unresolved, the customer can escalate the matter to the Ghana Shippers’ Authority (GSA), which will act as an independent arbiter. This two-tiered approach facilitates efficient dispute resolution while ensuring that customers have access to an independent authority for redress.
Finally, the Bank of Ghana emphasizes the importance of compliance with existing legal frameworks. All participants in the shipping industry are required to adhere to the provisions of the Foreign Exchange Act, 2006 (Act 723), and all relevant regulatory notices. This reinforces the legal foundation of the new guidelines and underscores the seriousness with which the Bank of Ghana views compliance. The Bank of Ghana has warned of administrative sanctions for non-compliance, highlighting the consequences for failing to adhere to the established rules. This combination of clear guidelines, a robust dispute resolution mechanism, and the threat of penalties aims to ensure effective implementation and foster a fair and transparent environment within the Ghanaian shipping industry.
