The Bank of Ghana, effective July 22, 2025, has introduced a directive requiring all exchange rate applications within the shipping industry to reflect commercial bank rates, benchmarked to the official Interbank exchange rate.
This directive is expected to bring transparency, standardisation, and predictability to Ghana’s port and maritime ecosystem, curbing the long-standing practice of shipping lines and service providers setting arbitrary foreign exchange rates. This policy shift has far-reaching implications across the entire maritime logistics value chain, particularly for shipping lines, freight forwarders, shippers, port authorities, and financial institutions.
Shipping Lines: Foreign-owned shipping lines that traditionally billed local services in USD and converted to Ghana Cedis at inflated or arbitrary rates will now be required to comply with official benchmarks. This curtails revenue derived from FX markups but enhances credibility and aligns their operations with global best practices. It also necessitates adjustments in internal billing and IT systems.
Freight Forwarders: The standardisation of exchange rates fosters greater cost predictability and smoother transactions. Freight forwarders, who serve as intermediaries between shipping lines and cargo owners, will experience fewer client disputes, as costs become more transparent. They must, however, verify that exchange rates used by service providers are in line with the new directive.
Shippers (Importers/Exporters): For shippers, this directive is a welcome development. Arbitrary exchange rates have historically inflated clearing costs, eroding profit margins and competitiveness. With the new guideline, businesses-particularly SMEs-can budget more accurately, plan trade activities better, and enjoy a fairer trade environment.
Ghana Ports and Harbours Authority (GPHA): As a state-owned entity, GPHA must align its terminal handling and port user charges with the directive.
It may need to upgrade billing systems to dynamically integrate BoG rates and facilitate effective compliance monitoring among private operators operating within the port enclave.
Banks and Payment Platforms: Financial institutions play a critical role in operationalising this directive. They must ensure that their FX systems reflect the interbank rate and that transactions involving port payments adhere to theregulatory benchmarks. This move will also support greater discipline in Ghana’s FX market.
Regulatory Bodies: Oversight institutions like the Ghana Shippers Authority, the Ministry of Transport, and the BoG itself will be central in ensuring compliance. Monitoring mechanisms, complaint resolution frameworks, and enforcement tools will be essential to ensuring that port users are not overcharged and that violators face appropriate penalties.
Conclusion:
This directive signals a strong step toward enhancing cost-efficiency, fairness, and trust within Ghana’s maritime transport sector. It aligns with international norms, boosts investor confidence, and promotes a more transparent trading environment that is crucial to Ghana’s aspiration to become a maritime and logistics hub in West Africa.
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Author: Evans Ago Tetteh, Ph.D.,Lecturer, Department of Transport Regional Maritime University.
