The Bank of Ghana (BoG) has introduced revised exchange rate guidelines for the shipping industry to promote transparency, standardize pricing, and stabilize foreign exchange transactions. The new policy mandates the use of official forex rates for invoicing and payments, aiming to curb rate discrepancies and enhance regulatory compliance within Ghana’s maritime trade sector.
The directive, published under Notice No. BG/GOV/SEC/2025/47 and signed by BoG Secretary Ms. Sandra Thompson, took effect on July 22, 2025.
It mandates all shipping service providers in Ghana to publicly disclose the daily exchange rates they use for invoicing.
The BoG said these rates must be visible on company websites or business premises, and clearly communicated to customers before any payment or invoice is issued.
According to the guidelines, all invoices must now indicate the currency of service, the exchange rate applied, the date the rate was used, and the final amount payable, whether in Ghanaian cedis (GH¢) or U.S. dollars (USD).
The Central Bank stressed that exchange rates applied by shipping operators must be benchmarked against the interbank market rates published by BoG and reflect actual commercial bank conditions.
The directive explicitly prohibits the use of arbitrary or inflated rates, which can distort pricing and undermine consumer confidence.
To address potential disputes over exchange rates, the BoG has introduced a two-tier resolution mechanism.
Customers are to first lodge complaints with the respective shipping service providers. If unresolved, issues can then be escalated to the Ghana Shippers’ Authority for further intervention.
Additionally, all operators are reminded to strictly adhere to the Foreign Exchange Act, 2006 (Act 723) and other applicable regulatory instruments. Violations of these guidelines, the BoG warned, may attract administrative sanctions.
This new framework is part of the BoG’s broader effort to instil transparency, fairness, and regulatory discipline in foreign exchange transactions, particularly within sectors that directly affect international trade logistics.
The directive will remain in force until formally revised or revoked, the BoG added.
