Shipping Firms Ordered to Publish Daily Exchange Rates Under New BoG Rules
The Bank of Ghana (BoG) has issued a comprehensive set of guidelines to govern the application of exchange rates by players in the shipping industry, with effect from Tuesday, July 22, 2025.
The guidelines, the central bank said, follow extensive stakeholder consultations and are intended to promote transparency, consistency, and regulatory compliance in the pricing of services offered at Ghana’s ports.
Per the guidelines, all industry players—including shipping lines, freight forwarders, and agents—are required to publicly display the daily exchange rates they apply in invoicing customers. The rates must be accessible on their websites and/or physically displayed at their business premises.
“The published rate must be available to customers and communicated clearly to them prior to the issuance of invoices or payment,” stated the central bank.
To further enhance transparency, invoices must clearly indicate the currency in which the service is priced, the applied exchange rate, the date of application, and the final amount payable in either Ghana Cedis (GHS) or US Dollars (USD).
A key provision of the directive requires that applied exchange rates be “market-reflective” and aligned with commercial bank rates, which in turn must be benchmarked to the BoG’s published interbank exchange rate. The central bank warned against the arbitrary determination of exchange rates by service providers.
To address potential disputes, customers have the right to file formal complaints with service providers. Unresolved complaints may then be escalated to the Ghana Shippers’ Authority (GSA) for redress.
The guidelines also emphasise adherence to the Foreign Exchange Act, 2006 (Act 723), with the Bank cautioning that non-compliance may attract administrative sanctions.
The measures by the Bank are expected to bring greater clarity and fairness to foreign exchange transactions at the ports, a long-standing concern among importers and exporters.
The guidelines remain in force until otherwise amended or revoked by the Bank of Ghana.
