Political science professor Ransford Gyampo has commended the Bank of Ghana (BoG) for its newly issued directive aimed at ending arbitrary exchange rate practices at the country’s ports. He described the move as a major step forward for economic transparency and fairness.
Professor Gyampo attributed the development to the persistent advocacy efforts of the Ghana Shippers’ Authority (GSA), which has long raised concerns about the excessive and unregulated charges imposed by some shipping lines. These practices, critics say, have placed an undue financial burden on importers and exporters.
Reacting to the BoG’s announcement, the CEO of the GSA expressed satisfaction, noting that the directive was the outcome of their continuous engagement and public advocacy.
“Just a few days ago, I publicly addressed our efforts to eliminate the use of arbitrary exchange rates by certain shipping lines—rates that have increased the cost of doing business and harmed already struggling shippers,” the CEO said. “This directive is the result of our dedication, done in service to God and country.”
The directive, signed by BoG Secretary Sandra Thompson and issued on July 22, 2025, sets out comprehensive guidelines to ensure transparency in the use of foreign exchange rates across the shipping and port services sector.
Key provisions include:
- Daily Exchange Rate Publication: All shipping lines and service providers must publicly display their applicable exchange rates each day.
- Transparent Billing: Invoices must clearly show the exchange rate applied and the final amount in Ghana cedis or U.S. dollars.
- Fair Benchmarking: Exchange rates used must reflect actual market conditions and closely align with the BoG’s interbank reference rates, eliminating arbitrary pricing.
The directive also introduces a formal dispute resolution process. Shippers who encounter unresolved issues can escalate their complaints to the Ghana Shippers’ Authority for further action.
To ensure compliance, the BoG has warned that any violations will attract administrative sanctions under the country’s Foreign Exchange Act.
This initiative is widely seen as a significant move toward improving cost transparency, reducing exploitation, and creating a more business-friendly environment at Ghana’s ports.
Source: MyNewsGh
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