BoG announces new guidelines on application of exchange rate by players in shipping industry
The Bank of Ghana (BoG) has released new directives governing how shipping lines and freight forwarders apply exchange rates in international transactions. The move aims to promote fairness, reduce pricing disparities at the ports, and align practices with national monetary policy objectives.
Accra, Ghana – July 23, 2025
The Bank of Ghana (BoG) has issued new guidelines to regulate the application of exchange rates by players in the shipping and logistics industry, a move the central bank says is crucial for maintaining transparency and protecting the interest of businesses and consumers involved in international trade.
In a statement issued on Monday, the BoG noted that inconsistencies in how exchange rates are applied—especially by shipping lines, terminal operators, and freight forwarders—have resulted in unjustified cost variances that negatively impact port users and import-dependent businesses.
“The new guidelines are part of BoG’s broader reforms to ensure uniformity and transparency in how exchange rates are applied across international trade transactions,” the statement read.
???? Key Highlights of the New Guidelines
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Approved Rate Source:
Shipping companies, customs brokers, and clearing agents must use the Bank of Ghana’s published exchange rates as the primary reference for calculating freight, duties, and related charges. -
Weekly Rate Updates:
The central bank will now provide weekly indicative rates, and all transactions are to reflect those rates unless otherwise specified by regulatory exemptions. -
Transparency Mandate:
All invoices issued by shipping lines and port operators must clearly state the exchange rate used, date of application, and source. Hidden charges disguised as exchange rate margins are now prohibited. -
Monitoring & Sanctions:
The BoG, in collaboration with the Ghana Shippers’ Authority and Ghana Ports and Harbours Authority (GPHA), will monitor compliance. Violators could face sanctions, including fines or withdrawal of operational licenses.
???? Industry Response
The announcement has sparked discussions within the maritime sector. While some freight forwarders have welcomed the move, others are urging the BoG to engage stakeholders further on implementation clarity.
Mr. Edward Akrong, President of the Ghana Institute of Freight Forwarders (GIFF), described the directive as “long overdue.”
“We’ve had challenges where two shipping lines charge different rates on the same day using different forex references. This creates unfair competition and inflates costs,” he said.
However, some shipping agents raised concerns about delays in rate synchronization and how sudden forex fluctuations could affect operations if not properly timed with weekly BoG updates.
???? Aligning With Economic Policy
BoG officials maintain that this policy is in line with efforts to stabilize the local currency, reduce inflationary pressures, and eliminate arbitrary pricing systems that undermine monetary policy.
“A consistent exchange rate regime across all sectors ensures predictability, helps businesses plan, and reduces price shocks,” said Dr. Ernest Addison, Governor of the Bank of Ghana.
The guidelines are expected to take full effect from August 15, 2025, giving industry players a transition period to adjust their systems and billing processes.
???? Conclusion
The Bank of Ghana’s move to standardize the application of exchange rates in the shipping industry marks a significant reform in Ghana’s trade and logistics environment. If effectively enforced, it could lead to greater fairness, improved efficiency, and reduced costs at the ports—benefiting both businesses and consumers.
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