Audio By Carbonatix
The Ghana Shippers Authority (GSA) says it will crack the whip on shipping lines that will flout the new Bank of Ghana (BoG) guidelines on foreign exchange charges at ports.
Following a petition by the authority, the BoG issued a notice on Tuesday, July 22, 2025, demanding that all shipping lines publish their forex rates and abide by recommended rates prescribed by the central bank.
Speaking to JoyBusiness, on the sidelines of the inauguration of the board of the GSA, the Chief Executive, Prof. Ransford Gyampo said the authority will ensure fair pricing in the freight industry.
“Now that we have issued a petition and we've got support, we'll be sure that it is critically enforced, and BoG has clearly indicated that there will be sanctions with shipping lines that refuse to comply."
The move is seen as a significant step towards regulating the shipping industry in Ghana and protecting the interests of importers.
With the GSA's commitment to enforcing its directives, shipping lines are expected to adhere to the rules and regulations governing their operations, which could lead to more stable and predictable freight rates and reduce the cost of doing business at the ports as directed by President John Mahama.
“The government is doing all it can to stabilize and strengthen the currency to bring down the cost of doing business.” Prof. Gyamo stressed.
He was also open to the idea of discussing the implementation of a flat rate to enable exporters and importers ample time for planning.
Background
The BoG announced a new set of guidelines on the application of exchange rates by players in the shipping industry, effective July 22, 2025.
The BoG held consultations with stakeholders in the shipping industry on an effective guideline aimed at ensuring transparency, consistency, and alignment with regulatory frameworks in foreign exchange pricing, for services offered at the ports.
This was occasioned by a request by the GSA, headed by Prof. Ransford Gyampo, referring culprits who charge arbitrary foreign exchange rates to the BoG for redress.
Latest Stories
-
Bawumia is formidable and prepared candidate – Regional Campaign team member
53 minutes -
KAIPTC launches inaugural Executive Travel Security Course
59 minutes -
Ghana loses nearly 19 tonnes of gold in 3 months – BoG urged to explain
1 hour -
Bryan Acheampong claims nationwide campaign edge in NPP flagbearer contest
1 hour -
CAF dismisses Morocco protest to strip Senegal of AFCON title for misconduct during final
1 hour -
I almost lost hope along the way – Matthew Nyindam
2 hours -
The womb and the field: How colonialism turned African women into permanent infrastructure
2 hours -
Government committed to recapitalising BoG after DDEP losses – BoG Governor Asiama
2 hours -
Banks have started calling customers for loans, says BoG Governor
2 hours -
Bawumia promises ‘10 appointments per constituency’ under prospective NPP gov’t
2 hours -
Bawumia leads NPP flagbearer race with clear majority – Global InfoAnalytics
2 hours -
Government allocates over 34% of budget to education
2 hours -
AfCFTA is the most ambitious integration project ever in Africa’s history – Mahama
2 hours -
I had nobody to speak for me, but God – Nyindam on legal battle for Kpandai seat
3 hours -
I was prepared for any outcome – Nyindam after Supreme Court judgement
3 hours