Ghana Shippers Authority To Sanction Liners Flouting New Forex Pricing Directives

The Ghana Shippers Authority (GSA) is set to sanction shipping lines that fail to comply with the new Bank of Ghana (BoG) foreign exchange (forex) pricing directives effective July 22, 2025.

This follows concerns over shipping lines arbitrarily applying forex rates that differ from the official benchmarks, leading to unfair costs for importers and freight forwarders at Ghanaian ports.

 

The GSA, headed by CEO Prof. Ransford Gyampo, lodged complaints from industry stakeholders regarding non-transparent and inconsistent forex charges by shipping lines. After investigating, the GSA referred the culprits to the BoG for regulatory intervention.

The BoG , he stated responded with new guidelines mandating all shipping operators in Ghana to publish daily exchange rates for invoicing that must reflect commercial bank rates benchmarked against the Bank’s interbank exchange rate.

Gyampo said “These rates must be transparently communicated to customers before invoicing, and invoices must clearly show the currency, applied exchange rate, date, and final amount.

“Non-compliance with these directives may lead to administrative sanctions by the BoG, and the GSA has affirmed it will enforce these rules rigorously, including sanctioning defaulters.”

 

According to him, “Shipping lines must publish their daily exchange rates publicly (website/premises).

“Exchange rates must correspond closely to market rates of commercial banks, not arbitrarily set by the lines.Customers must be informed of the rates prior to payment or invoicing. Invoices must clearly reflect the currency, rate, date of application, and final payment amount.” , adding that”Dispute mechanisms include complaints first directed to the service provider, then to the GSA if unresolved.”

 

The GSA he added that has made it clear it will “crack the whip” on non-compliant shipping lines to ensure fair pricing and protect importers and exporters.

“Enforcement includes rejecting unjustified fee hikes submitted to the Authority and engaging stakeholders for compliance with the Ghana Shippers Authority Act, 2024 (Act 1122), which requires approval of fees charged by shipping operators before implementation.”

The GSA is collaborating closely with the BoG and other regulators to finalise legislative instruments to operationalize these regulations across transport modes – sea, air, and land.

The GSA boss emphasized its regulatory approach as investigative and collaborative rather than adversarial, aiming to foster fairness and transparency in the shipping sector without stifling trade.

 

“The directives are intended to bring uniformity, predictability, and transparency to foreign exchange pricing at Ghana’s ports, ultimately reducing import costs and stabilizing freight charges.

“The government and GSA leadership highlight that stabilizing the currency and controlling forex charges are crucial to lowering the cost of doing business, which supports broader economic goals.

“The Ghana Shippers Authority, in partnership with the Bank of Ghana, is enforcing a new regulatory regime mandating shipping lines operating in Ghana to apply transparent, market-based foreign exchange rates aligned with BoG benchmarks.

“Non-compliance will attract sanctions, and this move addresses longstanding complaints of arbitrary forex pricing by shipping lines that inflate import costs. The Enforcement is backed by legislation (Act 1122) and ongoing multi-stakeholder consultations to ensure stable, fair, and predictable port charges for Ghana’s importers and exporters.

“This regulatory development is a significant step toward improved governance in Ghana’s shipping and logistics sector, aligning with the government’s broader economic stability objectives.”