BoG rolls out new exchange rate guidelines for shipping industry

The Bank of Ghana (BoG) has introduced a new set of exchange rate application guidelines targeted at players in the shipping industry, in a move aimed at strengthening transparency and standardizing foreign exchange pricing at Ghana’s ports.

The new rules, which take effect from July 22, 2025, are the outcome of extensive consultations between the central bank and key stakeholders in the shipping and logistics ecosystem.

A statement issued by the BoG and signed by its Secretary, Sandra Thompson, emphasized that the guidelines are mandatory for all industry participants and that non-compliance could attract administrative sanctions.

The central bank’s directive outlines several requirements for how exchange rates should be applied, published, and communicated by shipping service providers:

Daily publication of exchange rates used for invoicing must be made publicly available—both on company websites and at physical service locations.

Customers must be clearly informed of the applicable exchange rate before invoices are issued or payments are made.

Invoices must include detailed information, including:

The currency in which the service is charged,

The exchange rate used,

The exact date the rate applies, and

The total amount payable, either in GHS or USD.

The exchange rate applied must reflect market conditions, aligned with the company’s commercial bank rate, and benchmarked against BoG’s interbank rate—not arbitrarily set.

In the event of any disagreement over the exchange rate applied:

Customers are expected to first lodge a complaint with the service provider.

If unresolved, the matter may be escalated to the Ghana Shippers Authority for redress.

The BoG also reminded all stakeholders that compliance with the Foreign Exchange Act, 2006 (Act 723) remains compulsory, noting that the new guidelines will stay in force until amended or revoked.