Professor Ransford Gyampo has hailed the latest directive from the Bank of Ghana (BoG) as a direct outcome of the tireless advocacy work by the Ghana Shippers Authority (GSA) to end the longstanding exploitation of shippers at Ghana’s ports.
In a swift reaction, the Chief Executive Officer (CEO) of the Ghana Shippers’ Authority (GSA) said.
“A couple of days ago, I spoke about our work at the Ghana Shippers Authority to address the arbitrary exchange rates used by some shipping lines at the ports, that milks dry the poor shipper and accentuates the cost of doing business, in spite of the huge efforts of this government to strengthen our currency for the purposes of resetting the cost of doing business in Ghana.
“The BoG directive above is the culmination of what we did, and it’s always been for God and country.”
The Bank of Ghana’s notice, signed by Secretary Sandra Thompson and issued on 22nd July 2025, introduces comprehensive guidelines targeting the unfair exchange rate practices by shipping lines and port service providers.
The guidelines mandate that all shipping industry players publish their daily exchange rates publicly, make them easily accessible to customers, and ensure all invoices clearly indicate the applied exchange rate and final amounts in either cedis or dollars.
Crucially, the BoG insists these rates must be based on prevailing market conditions, benchmarked against their own interbank exchange rates, and not be arbitrarily inflated — a direct response to concerns raised by the GSA and other port users about unjustified forex markups.
The guidelines also empower shippers with a clear dispute resolution process, allowing them to escalate unresolved complaints to the Ghana Shippers Authority for redress.
Non-compliance by shipping lines will attract administrative sanctions under the country’s Foreign Exchange Act.
