BoG Cracks Down on Shipping Firms Over FX Rates
Accra, Ghana – 22 July, 2025 - The Bank of Ghana (BoG) has issued a directive to shipping companies, terminal operators, freight forwarders, and other port service providers, requiring them to publish daily exchange rates used for billing.
Effective July 22, 2025, these rates must be displayed on their websites or at their premises and communicated to customers before invoicing. This move is expected to address long-standing complaints from importers and exporters about unclear and varying exchange rates.
The Bank of Ghana's guidelines stipulate that each invoice issued by shipping companies, terminal operators, and freight forwarders must contain specific details, including the currency of the service, the applied exchange rate, the date of application, and the final amount in either Ghana cedis (GHS) or U.S. dollars (USD).
In the event of disputes arising from exchange rate applications, customers are required to file a formal complaint with the service provider. If the issue remains unresolved, it can be escalated to the Ghana Shippers' Authority (GSA) for redress.
Compliance with the Foreign Exchange Act and relevant regulations is obligatory, with potential administrative penalties for non-compliance.
Source: Lead News Online
