The Bank of Ghana (BoG) has introduced stringent new regulations aimed at eliminating exploitative foreign exchange practices by shipping lines and port service providers, a move expected to significantly reduce costs and protect businesses operating at Ghana’s ports.
Announced on July 22, 2025, the directive requires all players in the shipping industry to publicly disclose their daily exchange rates, ensure these rates reflect prevailing market conditions aligned with BoG’s interbank rates, and clearly state the exchange rate used on all invoices. This is designed to prevent arbitrary and inflated currency markups that have long burdened importers and exporters.
The Ghana Shippers Authority (GSA), which has been at the forefront of advocacy against such unfair practices, welcomed the BoG’s intervention as a landmark victory for shippers and the broader business community.
GSA CEO highlighted that the new guidelines came after persistent efforts to address the costly exchange rate discrepancies imposed by some shipping lines, which undermined government efforts to stabilize the currency and reduce the cost of doing business.
In addition to transparency measures, the directive empowers shippers by establishing a formal dispute resolution mechanism. Customers can escalate complaints over unfair forex charges to the GSA, with non-compliant service providers facing penalties under the Foreign Exchange Act.
Industry stakeholders are optimistic that these reforms will foster greater fairness, improve efficiency at the ports, and contribute to a more conducive environment for trade and investment in Ghana.
