Bank of Ghana (BoG) has announced a new set of guidelines on the application of exchange rates by players in the shipping industry, effective July 22, 2025.
This follows consultations with stakeholders in the shipping industry on an effective guideline aimed at ensuring transparency, consistency, and alignment with regulatory frameworks in foreign exchange pricing, for services offered at the ports.
According to a statement issued by the BoG and signed by its secretary Sandra Thompson, the guideline applies to all players in the shipping industry in Ghana.
The statement also maintained that non-compliance may result in administrative sanctions.
Details of the guidelines
- All industry players must publish daily exchange rates used for invoicing on their websites and/or at their premises
- The published rate must be available to customers and communicated clearly to them prior to the issuance of invoices or payment
- The published rate must be available to customers and communicated clearly to them prior to the issuance of invoices or payment
- Invoices should clearly indicate: The currency of the service;The applied exchange rate;The date of application; and
- The final amount in GHS or USD.
- Exchange rates must be market-reflective of their commercial bank rates which is expected to be benchmarked to the Bank of Ghana’s published interbank exchange rate and not arbitrarily determined
Settlement of Disputes
The BoG further stated that in case of dispute relating to the Exchange Rates application, customers may first lodge a complaint with the service provider.
However, when that is not resolved, the said consumer may escalate it to the Ghana Shippers Authority.
The BoG also reminded players in the industry that they are all expected to comply with the Foreign Exchange Act, 2006 (Act 723 ), adding that “The guidelines shall come into effect on 22nd July, 2025 and remain in force until otherwise amended or revoked. “
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