Prices of imported goods are expected to reduce soon
The Ghana Institute of Freight Forwarders (GIFF) has hinted at a likely reduction in the prices of imported goods following the new guidelines issued by the Bank of Ghana regarding exchange rates charged by shipping lines.
According to the Vice President of GIFF, Nana Asiamah Peprah I, the independent rates previously charged by shipping lines caused traders to overprice goods.
He noted that with the new guidelines, prices are likely to drop, since many shipping lines had been quoting rates “way above” those of the Bank of Ghana and commercial banks.
“Some of these shipping lines that were quoting very high rates are now being compelled to work with the Bank of Ghana rates, which will definitely impact on the cost of imports and prices on the market,” he was quoted by myjoyonline.com as saying.
“This is one of the reasons why some of these traders have not been responding to current developments on the market when it comes to the cedi’s appreciation,” he added.
The Bank of Ghana (BoG) issued the new guidelines to address growing concerns over discrepancies in exchange rates charged by various shipping lines operating in the country.
This follows multiple reports from importers and industry stakeholders about inconsistencies in the application of exchange rates at Ghana’s ports, issues many say have led to unfair charges, a lack of transparency, and distortions in the cost of doing business.
In a press release issued on Monday, July 22, 2025, and sighted by GhanaWeb Business, the Central Bank said the move is aimed at promoting transparency, consistency, and compliance with Ghana’s foreign exchange regulatory framework.
“The guidelines aim to ensure transparency, consistency, and alignment with regulatory frameworks in foreign exchange pricing for services offered at the ports,” the statement read.
In a statement issued on July 22, 2025, the bank announced the following guidelines:
1. The guidelines apply to all players in the shipping industry operating
in Ghana.
2. All industry players must publish daily exchange rates used for invoicing
on their websites and/or at their premises.
3. The published rate must be available to customers and communicated
clearly to them prior to the issuance of invoices or payment.
4. Invoices should clearly indicate:
i. The currency of the service;
ii. The applied exchange rate;
iii. The date of application; and
iv. The final amount in GHS or USD.
5. Exchange rates must be market-reflective of their commercial bank rates
which is expected to be benchmarked to the Bank of Ghana’s published
interbank exchange rate and not arbitrarily determined.
6. In case of disputes relating to the exchange rate application:
i. Customers may lodge a formal complaint with the service provider
ii. Unresolved complaints may be escalated to the Ghana Shippers’
Authority (GSA).
7. All industry players must comply with the Foreign Exchange Act, 2006
(Act 723) and related notices.
8. Non-compliance may result in administrative sanctions.
9. The guidelines shall come into effect on 22nd July, 2025 and remain in
force until otherwise amended or revoked.
SSD/MA
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