The Ghana Shippers’ Authority (GSA) has declared its readiness to sanction shipping lines that refuse to comply with new Bank of Ghana (BoG) directives on the application of foreign exchange rates at Ghana’s ports.

The move, prompted by a formal petition from the GSA, culminated in a BoG notice issued on Tuesday, July 22, 2025. The directive requires all shipping lines operating in the country to publish their forex rates transparently and align them with the central bank’s prescribed rates.

This policy intervention comes as part of a broader effort to regulate the shipping sector, eliminate pricing irregularities, and make the country’s ports more competitive and business-friendly. By streamlining forex charges, both importers and exporters stand to benefit from increased transparency and reduced cost uncertainty.

Prof. Gyampo Signals a No-Nonsense Era at GSA

Speaking at the inauguration of the GSA Board, Chief Executive Officer, Prof. Ransford Gyampo, was unequivocal in his commitment to enforcing compliance.

“Now that we have issued a petition and we’ve got support, we’ll be sure that it is critically enforced,” he stated. “The BoG has clearly indicated that there will be sanctions for shipping lines that refuse to comply.”

This statement marks a turning point in GSA’s regulatory posture. Under Gyampo’s leadership, the Authority is shifting from mere advocacy to active enforcement, ensuring that players in the shipping industry do not take undue advantage of Ghanaian businesses through arbitrary forex charges.

The new BoG guidelines are expected to have a stabilizing effect on freight rates. Arbitrary forex rates have long been a major concern for importers, who often face unpredictable shipping costs that make planning and budgeting difficult. With the GSA’s commitment to enforcing these guidelines, importers and exporters can expect more consistent and fair pricing structures.

The move also aligns with President John Mahama’s broader economic directive aimed at reducing the cost of doing business in Ghana. Prof. Gyampo emphasized the government’s commitment to currency stabilization and cost management: “The government is doing all it can to stabilize and strengthen the currency to bring down the cost of doing business.”

Exploring Flat Rates for Strategic Planning

In addition to sanctioning non-compliant shipping lines, Prof. Gyampo revealed that the GSA is open to discussions on introducing a flat forex rate model for shipping transactions. This proposal aims to offer exporters and importers a more predictable pricing regime, enabling long-term planning and efficient resource allocation.

The idea, if adopted, could revolutionize the operational structure of shipping logistics in Ghana, providing greater consistency and promoting trade facilitation. Such a measure would be particularly beneficial for small and medium enterprises (SMEs), who are disproportionately affected by volatile pricing.

Background: A Long-Awaited Policy Win

The latest directive by the BoG is the result of sustained advocacy by the Ghana Shippers’ Authority. Earlier this year, Prof. Gyampo formally lodged a petition against shipping lines that imposed arbitrary foreign exchange rates on their clients. In response, the central bank initiated stakeholder consultations and subsequently unveiled a new regulatory framework to guide forex pricing in the maritime logistics space.

The guidelines, which took effect on July 22, 2025, aim to establish transparency, consistency, and regulatory compliance. Industry players are now expected to peg their forex rates to those published by the Bank of Ghana or face sanctions.

The enforcement of forex pricing directives at Ghana’s ports is a welcome development in the country’s effort to sanitize the shipping industry. With the Ghana Shippers’ Authority taking a firm stand and the backing of the central bank, shipping lines will no longer operate with impunity regarding exchange rate practices.