The Bank of Ghana (BoG) has introduced a new set of guidelines governing the application of exchange rates by stakeholders in the shipping industry.
In a statement, the central bank announced that these guidelines will come into effect today, July 22, 2025.
Following consultations with industry stakeholders, the guidelines aim to ensure transparency, consistency, and alignment with regulatory frameworks in foreign exchange pricing for port services.
According to a statement issued and signed by the BoG’s secretary, Sandra Thompson, the guidelines apply to all shipping industry players in Ghana.
In the event of disputes regarding exchange rate application, customers are advised to first lodge a complaint with the service provider.
If unresolved, the matter may be escalated to the Ghana Shippers Authority. The BoG reminded industry players of their obligation to comply with the Foreign Exchange Act, 2006 (Act 723).
“The guidelines shall come into effect on 22nd July, 2025 and remain in force until otherwise amended or revoked. “
Below are the new guidelines
- All industry players must publish daily exchange rates used for invoicing on their websites and/or at their premises
- The published rate must be available to customers and communicated clearly to them prior to the issuance of invoices or payment
- The published rate must be available to customers and communicated clearly to them prior to the issuance of invoices or payment
- Invoices should clearly indicate: The currency of the service;The applied exchange rate;The date of application; and
- The final amount in GHS or USD.
- Exchange rates must be market-reflective of their commercial bank rates which is expected to be benchmarked to the Bank of Ghana’s published interbank exchange rate and not arbitrarily determined
By: Rainbowradioonline.com/Ghana