The Bank of Ghana (BoG) has issued a directive compelling all players in the shipping industry—freight forwarders, terminal operators, and shipping lines—to adopt transparent, market-based foreign exchange (FX) rates effective from July 22, 2025. The measure aligns the sector with BoG’s interbank reference rates and ensures upfront disclosure to customers.
Daily Rates Must Be Publicly Posted
According to Notice No. BG/GOV/SEC/2025/47, industry participants are now required to prominently display daily FX rates used for invoicing—on websites or at port premises—and clearly state these rates before issuing any invoices or accepting payment.
Invoices Must Detail Currencies, Rates & Amounts
All shipping invoices must now include:
- The service currency (GHS or USD)
- The exchange rate applied
- The date the rate was set
- The final amount due
These measures aim to eliminate arbitrary FX charges and align invoicing with commercial bank and interbank benchmarks.
Import Cost Relief Expected
Ghana Institute of Freight Forwarders (GIFF) Vice President Nana Asiamah Peprah I highlighted that erratic FX quotes have inflated import costs. He said aligning with BoG’s official rates is expected to lower prices of imported goods in coming weeks.
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Dispute Resolution Channels Established
The directive outlines a two-tier dispute resolution mechanism:
- Direct engagement with service providers
Compliance Monitored by BoG
Participants who fail to adhere face possible administrative sanctions. The directive reinforces full compliance with the Foreign Exchange Act, 2006 (Act 723) and other regulatory frameworks.
