Exchange rate disparities at Ports 'unjustified'

Dennis Amfo Sefa, President of the Chamber of Freight and Trade, has weighed in on ongoing concerns about high import prices despite the recent strengthening of the Ghanaian Cedi against the US Dollar.

Speaking on the Citi Breakfast Show on Wednesday, Amfo Sefa addressed mounting public pressure on importers — particularly the Spare Parts Dealers Association — to reduce prices of goods.

He explained that traders are reluctant to lower prices because their current stock was acquired when the exchange rate was significantly higher, making it unfeasible to sell at reduced prices now.

The issue is further compounded by reported inconsistencies in exchange rate applications at the ports. Some importers claim that while the Bank of Ghana (BoG) pegs the Cedi at around GHC13 to $1, Customs officers at the ports use an exchange rate of GHC15 to $1.

However, Amfo Sefa clarified that Customs adheres to the Bank of Ghana’s official rates.

“No one can say Customs is using a different rate. If you check the Integrated Customs Management System (ICUMS) system, you’ll find rates consistent with what BoG has published — around GHC12.1 or GHC13, never above it,” he explained.

The real issue, according to him, lies with private operators at the ports — particularly shipping lines — that apply their own rates for calculating demurrage and other charges.

“The shipping lines are not under any obligation to use the BoG rate. Some use interbank rates from their own banks. Others lock in a rate and review it monthly. This lack of uniformity creates serious challenges for importers,” he said.

He criticised the Ghana Shippers Authority for failing to rein in these practices, saying, “We’ve complained for years, but the Ghana Shippers Authority isn’t doing enough. Shipping lines are left to do whatever they want, and it’s hurting business.”