The Ghana Shippers Authority has commended the Bank of Ghana (BoG) for issuing a new directive that compels shipping lines and related service providers to publish their daily foreign exchange (forex) rates used for billing.
The directive, which took effect on Tuesday, July 22, 2025, requires all shipping companies, terminal operators, freight forwarders, and other port service providers to display the exchange rates they use either on their official websites or at their operational premises. They must also disclose the applicable rate to customers prior to invoicing.
The measure forms part of new BoG guidelines aimed at enhancing transparency and consistency in the application of exchange rates within the shipping industry.
Under the new rules, every invoice must clearly state the billing currency, the exchange rate applied, the date of the rate’s application, and the final payable amount in either Ghana cedis (GHS) or U.S. dollars (USD).
“We [stakeholders] agreed that, given what had happened, BoG had to issue a policy directive to explain or direct what must be done and what must not be done. And after that decision was made, I had to conduct numerous follow-ups with the BoG. Through constant follow-ups, [on] July 22, BoG issued a policy directive, and I’m told a lot of the shippers are excited and happy about it,” Chief Executive Officer of the GSA, Professor Ransford Gyampo, noted in an interview last week.
The directive followed a petition and internal research by the Ghana Shippers Authority, which exposed arbitrary forex practices by some shipping lines.
The Authority criticised the use of inflated exchange rates by certain firms, often derived from commercial banks, saying the practice significantly increased shipping costs and undermined national efforts led by President John Dramani Mahama to stabilise the Ghanaian cedi.
Meanwhile, Prof. Gyampo reaffirmed the Ghana Shippers Authority’s commitment to promoting fairness and transparency in port charges and lauded the BoG’s timely response to shippers’ concerns.
National Shipping Line
Consequently, Prof Gyampo is advocating for the establishment of a national shipping line.
He noted that if Ghana is considering reviving a national airline, it should equally explore owning a shipping line to boost trade and maritime independence.
“There are discussions that we should have, Ghana Airways and national carriers operating our airspace. In that same way, I believe that as we surmount that challenge, we have to move towards a situation where Ghana would also have its ships and all that,” he proposed.
Prof. Gyampo acknowledged that the idea is capital-intensive but believes it is achievable with the right leadership and commitment.
“It’s a capital-intensive idea, but I believe that if we can think about having national airlines, we can also have national ships. We’re a developing continent. With the right decisions and right leaders, some of these things should be surmounted,” he said.
President John Dramani Mahama, on July 10, expressed Ghana’s interest in partnering with the Portuguese government to establish a national airline as part of efforts to boost the country’s aviation and economic sectors.
He made the remarks during a ceremony at the Jubilee House to receive letters of credence from five newly accredited ambassadors to Ghana, including Maria Da Conceição de Sousa Pilar, the new Portuguese envoy.
In his interaction with the Portuguese ambassador, President Mahama noted the strategic importance of deepening bilateral relations with Portugal, particularly in aviation, trade, and investment.
