The Ghana Shippers’ Authority (GSA) has acted decisively to address the long-standing concern of shippers regarding the application of arbitrary foreign exchange (forex) rates by some shipping lines operating at Ghana’s ports. The practice has not only disrupted operational planning for shippers but has also undermined the government’s effort to stabilize the Cedi and reduce the cost of doing business in the shipping and logistics sector.
A thorough investigation by the GSA confirmed that some shipping lines applied forex rates that were significantly above the Bank of Ghana’s (BoG) published rates—exceeding both interbank and open market rates in some instances. This inconsistency in the applicable forex rates created uncertainty for businesses and inflated shipping costs.
On the back of the finding from the investigation, the GSA formally petitioned the Bank of Ghana, the Regulator of the forex market, to intervene and issue a directive to address the unlawful conduct.
In response to the written request by GSA for their intervention, the BoG convened a stakeholder meeting involving the GSA, the concerned shipping lines, and other industry players on Tuesday, 15th July 2025.
The objective of the meeting was to foster transparency and fairness in the application of forex rates in the shipping and logistics sector, and thereby, create a more predictable and business-friendly commercial shipping sector.
At the meeting, Prof. Ransford Gyampo, CEO of the GSA, emphasized the Authority’s unwavering commitment to enforcing the provisions of Act 1122 (2024) without fear or favour. He was quick to add that all such enforcement would remain within the confines of the law, emphasizing that the GSA’s goal is not to stifle business, but to facilitate trade in support of the government’s agenda to reset the economy onto a path of prosperity.
He noted:
“At GSA, our resolve to enforce every provision of Act 1122 (2024), and in this case, Section 36, is and shall remain unwavering, as Ghana is our utmost priority. Our interest is for the entire international trade ecosystem to thrive, particularly in enabling the 24-Hour Economy. In this vein, we remain a fair but firm arbiter in our regulatory role and will ensure that we do right by all, without injuring Mother Ghana.”
The BoG on its part, assured the stakeholders of the sector who participated in the meeting of its swift action to resolve the matter conclusively.
It is in fulfillment of its promise to deal with the issue swiftly to avert a loss of confidence in Ghana’s international trade sector that the BoG issued a Policy Directive, effective Tuesday, 22nd July 2025, to guide the determination and application of forex rates by shipping lines and other service providers in the sector. The directive obligates the shipping services providers to do as follows:
1. Daily exchange rates used for invoicing must be published on service providers’ websites and/or at their physical premises.
2. The exchange rate must be clearly communicated to customers before invoices are issued or payments are requested.
3. All invoices must include:
The currency in which the service is billed,
The applied exchange rate,
The date the rate was applied, and
The final amount payable in Ghana Cedis (GHS) or US Dollars (USD).
4. The applied rates must be market-reflective and benchmarked to the Bank of Ghana’s published interbank exchange rate not arbitrarily determined.
The BoG also directed that any customer who has complaints must first lodge such complaints with the service provider and, if unresolved, must escalate the complaint to the Ghana Shippers’ Authority for redress.
The GSA has welcomed the Bank of Ghana’s swift and decisive intervention and has called on all industry stakeholders to comply fully and promptly with the new directive. They further reiterate their commitment to fostering a fair, competitive, and efficient shipping and logistics environment for the benefit of all industry players, including shipping lines, who remain an integral part of Ghana’s shipping and logistics ecosystem.
