In a decisive regulatory move aimed at curbing the arbitrary application of foreign exchange rates, the Ghana Shippers’ Authority (GSA) has secured a directive from the Bank of Ghana (BoG) reinforcing transparency and compliance in shipping service transactions.
The new guidelines, issued in a BoG statement require all shipping service providers operating in Ghana to apply the average of the prevailing buying, selling, and transfer rates published daily by the BoG.
This measure is intended to standardize exchange rate calculations and protect customers from non-transparent pricing practices.
“All industry players must publish daily exchange rates used for invoicing on their websites and/or at their premises.
“The published rate must be available to customers and communicated clearly to them prior to the issuance of invoices or payment.”
The directive also mandates that invoices must indicate the currency of the service, the applied exchange rate, the date of application, and the final amount in Ghanaian cedis or U.S. dollars.
In addition to technical compliance, the guidelines empower customers to challenge rate applications they deem unfair.
According to BoG, Where a customer is dissatisfied with the application of these guidelines, they may lodge a complaint with the shipping service provider concerned.
Stressing further, it noted that if a complaint is not resolved to the satisfaction of the customer, the customer may escalate the matter to the Ghana Shippers’ Authority for redress.
It emphasized that service providers and stakeholders are expected to comply with the provisions of the Foreign Exchange Act, 2006 (Act 723), as well as any notices issued by the Bank of Ghana relating to foreign exchange transactions.
Failure to comply, it warned, “shall attract administrative sanctions.”
The guidelines take effect on 22nd July 2025 and will remain in force until amended or revoked.
