BoG introduces guidelines for shipping industry exchange rates

The Bank of Ghana has announced new guidelines aimed at ensuring transparency, consistency, and alignment with regulatory frameworks in foreign exchange pricing for services offered at Ghana’s ports.

The guidelines, which were issued on July 21, 2025, and take effect immediately, apply to all players in the shipping industry operating in Ghana.

Key Provisions of the Guidelines

– Daily Exchange Rate Publication: Industry players must publish daily exchange rates used for invoicing on their websites and/or premises, making them available to customers prior to invoice issuance or payment.

– Clear Invoicing: Invoices must clearly indicate the currency of the service, applied exchange rate, date of application, and final amount in Ghanaian cedis (GHS) or US dollars (USD).

– Market-Reflective Exchange Rates: Exchange rates must be market-reflective of commercial bank rates, benchmarked to the Bank of Ghana’s published interbank exchange rate, and not arbitrarily determined.

– Dispute Resolution: Customers can lodge formal complaints with service providers, and unresolved issues can be escalated to the Ghana Shippers’ Authority (GSA).

Background And Context

The guidelines come after consultations with stakeholders from the shipping industry and amid concerns over inconsistencies in exchange rate applications.

In May 2025, the Chamber of Freight and Trade expressed frustration over varying exchange rates used by shipping lines, which they claimed created challenges for importers.

The Vice President of the Ship Owners and Agents Association clarified that shipping lines apply exchange rates based on the rate prevailing at the port of origin when a vessel departs for Ghana ¹ ².

Compliance And Enforcement

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

Non-compliance may result in administrative sanctions.

The guidelines will remain in force until amended or revoked.