See BoG’s Guidelines Regulating Exchange Rate Application For Shippers

The country’s central bank has set out some guidelines to regulate transactions at the various ports.

It follows consultations with the industry players on the application of exchange rates to ensure transparency, consistency, and alignment with regulatory frameworks in foreign exchange pricing.

Below are the guidelines:
1. The guidelines apply to all players in the shipping industry operating in Ghana

2. All industry players must publish daily exchange rates used for invoicing on their websites and/or at their premises.

3. The published rate must be available to customers and communicated clearly to them prior to the issuance of invoices or payments.

4. Invoices should clearly indicate:
i. The currency of the service; ii. The applied exchange rate; iii. The date of application; and iv. The final amount in GHS or USD.

5. Exchange rates must be market-reflective of their commercial bank rates, which are expected to be benchmarked to the Bank of Ghana’s published interbank exchange rate and not arbitrarily determined.

6. In case of disputes relating to the exchange rate application:
i. Customers may lodge a formal complaint with the service provider
ii. Unresolved complaints may be escalated to the Ghana Shippers’ Authority (GSA).

7. All industry players must comply with the Foreign Exchange Act, 2006 (Act 723) and related notices.

8. Non-compliance may result in administrative sanctions.

9. The guidelines shall come into effect on 22nd July, 2025 and remain in force until otherwise amended or revoked.