Central Bank Moves to Standardize Forex Application in Shipping
In a bid to strengthen regulatory compliance and boost trust across Ghana’s shipping industry, the Bank of Ghana has issued new exchange rate guidelines. Communicated under Notice No. BG/GOV/SEC/2025/47, the directive was signed by Ms. Sandra Thompson, Secretary to the Bank, and took effect on July 22, 2025.
Mandatory Exchange Rate Disclosures for All Shipping Operators
All shipping operators are now required to publicly disclose the exchange rates they use for pricing and invoicing. These rates must be clearly visible on company websites or displayed at their physical premises. Additionally, customers should be informed of the applied rate before payment or issuance of invoices, eliminating hidden charges or unexpected currency conversions.
Invoice Requirements Aligned With Market Benchmarks
Each shipping invoice must include:
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The currency of service,
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The exact exchange rate used,
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The date the rate was applied,
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The total amount in Ghana cedis (GHS) or U.S. dollars (USD).
These rates must accurately reflect prevailing market conditions and be benchmarked against the Bank of Ghana’s interbank rates. This prevents the use of arbitrary or inflated rates that could distort pricing or mislead customers.
Two-Step Complaint Resolution Framework
To address disputes, the Bank has set up a two-tier complaint system.
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Customers must first file complaints with the shipping company.
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If unresolved, the matter should be escalated to the Ghana Shippers’ Authority.
This process aims to ensure accountability and fair treatment for all parties involved.
Compliance and Enforcement Measures
The Bank reminded stakeholders of the Foreign Exchange Act, 2006 (Act 723) and warned that any breach of these new exchange rate guidelines could lead to administrative sanctions. The directive will remain in force until further notice or official revision.
A Move Toward Greater Market Transparency
By enforcing these guidelines, the Bank of Ghana signals a strong commitment to fostering financial transparency and fair pricing within the shipping sector. These efforts are expected to strengthen investor confidence, improve regulatory clarity, and protect consumer interests.
For more details on the announcement, visit Ghana Business News.
