Shipping lines operating at Ghana’s ports have defended their method of applying exchange rates to shipping charges, following criticism from freight forwarders and importers over inconsistencies in port-related costs.
The Vice President of the Ship Owners and Agents Association of Ghana (SOAAG), Adam Imoro Ayana, has responded to recent complaints by clarifying that shipping lines rely on exchange rates from the port of origin at the time of a vessel’s departure — a global industry standard that Ghana is not exempt from.
This clarification comes after the Chamber of Freight and Trade raised alarms over the lack of a unified exchange rate system. Speaking on the Citi Breakfast Show on Tuesday, May 21, the Chamber’s President, Dennis Amfo Sefa, claimed that shipping lines often bypass Bank of Ghana (BoG) rates in favor of their own rates, determined through banks or internal monthly reviews. According to him, this fragmented approach causes confusion and additional costs for importers.
In response, Ayana, speaking on Thursday, May 23, explained that the system importers are questioning is actually based on long-established international shipping norms.
“When the vessel leaves the port of origin, the exchange rate used is locked in based on that location’s prevailing rate at the time of departure,” Ayana said. “That rate is used to calculate all cost structures on that voyage. Whether the Ghana cedi appreciates or depreciates by the time the vessel arrives, that original rate is not changed.”
He stressed that this practice is not unique to Ghana. “This principle is applied globally. The reason is simple: the costs are already incurred before arrival. You cannot retroactively alter the rate because those expenses have already been paid.”
Ayana’s explanation is intended to offer clarity in the midst of growing tension between shipping agents and freight industry players, as concerns mount over transparency and the financial impact of currency differences at Ghana’s ports. Importers have long demanded standardized practices in line with central bank benchmarks to reduce unpredictability in shipping charges.
As calls for regulatory intervention grow louder, the debate continues over how best to balance global shipping standards with the economic realities faced by local businesses.
