The Bank of Ghana (BoG) has announced its guidelines on the application for exchange rates for players in the shipping industry in the country following consultations with stakeholders.

In the statement, the guidelines direct the publication of daily exchange rates used for invoicing on their website and/or at their premises. Prior to the issuance of invoices or payment, the published rate is to be made available to customers and clearly communicated.

The invoices are to clearly indicate the currency of the service, applied exchange rate, date of application, and final amount in Ghana cedis or United States dollars.

“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,” the statement signed by Secretary at the Bank of Ghana, Ms Sandra Thompson, added.

The guidelines came into effect on 22nd July, 2025, and according to the Central Bank, they will remain in force until otherwise amended or revoked. These guidelines aim to ensure transparency, consistency, and alignment with regulatory frameworks in foreign exchange pricing for services offered at the ports.

With regard to disputes relating to exchange rate application, the Bank of Ghana has entreated customers to lodge a formal complaint with the service provider. Unresolved complaints may be escalated to the Ghana Shippers' Authority (GSA), the central bank noted. The central bank noted that “all industry players must comply with the Foreign Exchange Act, 2006 (Act 723) and related notices,” as “non-compliance may result in administrative sanctions.”

The Ghana Shippers’ Authority, less than a week ago, announced that it was engaging the Bank of Ghana on a complaint it had received from some shippers and freight forwarders with regard to the arbitrary application of foreign exchange rates by some shipping lines.

The Authority only engaged the central bank—the regulator of the forex space, the shipping lines, and the complainants—to receive an official directive from the Bank of Ghana to prohibit the illegal act upon the findings of an investigation it conducted into the matter in pursuit of a fair outcome. The meeting was held on Tuesday, July 15, 2025, and the conclusive resolution of the challenge that has been issued by the central bank has been published by the Ghana Shippers’ Authority for the attention and benefit of all stakeholders.

Meanwhile, the Authority has sought the input of stakeholders in the shipping and logistics sector in drafting a Legislative Instrument (L.I.) that will aid the enforcement of Act 1122 (2024), to fortify the execution of its mandate. These include the regulators of transport modes by which international trade is undertaken, service providers, terminal operators, and shipping lines.

The GSA has revealed its commitment to ensure that enforcement of the law “would remain without fear or favour, whilst upholding its mutually beneficial essence for the utmost good of Ghana and her people.”

“The Ghana Shippers’ Authority hereby reassures the general public that, it remains committed to serving the interests of all stakeholders in the shipping and logistics sector, and beyond that, GSA is particularly focused on positioning Ghana as the preferred hub in international trade. These objectives remain the guiding principles in our operations and will be upheld at all times,” the Authority revealed on its website.

In a related event, the Ghana Shippers’ Authority has clarified its mandate and ongoing interventions to ensure a conducive shipping and logistics ecosystem for all players in the sector. This stemmed from an article that sought to know about the extent of the effectiveness of the GSA Act, 2024 (Act 1122) since its passage by Parliament on 29th July 2024 and assent by the then President of the Republic of Ghana on 17th October 2024.

The GSA noted that the passage of Act 1122 (2024), which marked a significant milestone in the growth of the country’s trade sector, transformed the Authority from an advocacy institution to a regulatory authority.

“The shift reflected a broader national commitment to foster inclusive, transparent, and cost-effective governance of the sector. Under the new law, shipping service providers—including shipping lines, freight forwarders, terminal operators, and clearing agents—are required to submit all proposed charges, fees, and tariffs to the GSA for review and approval prior to their implementation,” the Authority noted.

According to the Ghana Shippers’ Authority, it has carried out its mandate in several instances, such as engaging shipping lines as well as ground handlers who operate at the Kotoka International Airport (KIA) over submitting their charges for review and approval. According to the GSA, these stakeholders were compliant with the law.

“GSA has adopted an inquisitorial rather than adversarial approach to enforcing its Act. In this regard, thorough investigations into complaints, claims and assertions have informed the decisions and actions taken in response to shipper complaints. Active engagements of the stakeholders involved to grant a hearing to each side have been employed to ensure that the outcomes of interventions aid progress rather than stagnation or retrogression,” the Authority added. The GSA emphasised that its role as a regulator is not aimed at stifling businesses and international trade.

In an unrelated event, the Ghana Shippers’ Authority has called on agencies operating at the country’s port to desist from engaging in siloed operations. The Authority has recommended a collaborative approach that is to reduce cost, ensure efficiency, and improve the country’s international trade reputation.

In June, Deputy Chief Executive Officer of the GSA, Sylvia Asana Dauda Owu, who made the call at the maiden Southern Zonal Stakeholder Committee Meeting for 2025, noted that it was imperative to boost round-the-clock operations and enhance competitiveness.

“The clarion call is for every institution to stop working in silos and start acting with awareness of how their respective roles impact the broader ecosystem,” she said.

According to her, the shipping and logistics industry, which is a highly intricate ecosystem, functions effectively when all sector players, including regulatory and security agencies, terminal operators, freight forwarders, and shipping lines, take notice of their coordinate and interdependence efforts.