BoG forex rules to cut port charges, ease import prices

Consumers may soon enjoy reduced prices on imported goods following the implementation of new foreign exchange (forex) guidelines by the Bank of Ghana (BoG) aimed at regulating exchange rates used by shipping lines.

The directive, which took effect on July 22, 2025, mandates all shipping and logistics companies operating at Ghana’s ports to adopt the official exchange rates published by the central bank when quoting charges for import and export services.

According to the Vice President of the Ghana Institute of Freight Forwarders (GIFF), Nana Asiamah Peprah I, the move is expected to ease import costs that have remained high despite the recent appreciation of the Ghana cedi.

“Some of these shipping lines who were quoting very high rates are now being compelled to work with the Bank of Ghana rates. That will definitely impact the cost of imports and prices on the market,” he said in an interview.

Nana Peprah explained that although the cedi had gained strength in recent weeks, shipping firms continued to apply inflated exchange rates, well above those offered by the BoG and commercial banks, thereby undermining the gains made on the forex market.

“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,” Nana Peprah indicated.

The BoG issued the new guidelines following extensive consultations with stakeholders in the maritime and logistics sector. Under the new policy, all industry players are required to publicly display the exchange rates they apply for invoicing either on their websites or at their business premises.

The central bank has explained that the directive is intended to enhance transparency, ensure fair pricing, and bring uniformity to foreign exchange practices at Ghana’s ports. Businesses are now expected to clearly communicate the applicable rates to clients before issuing invoices or accepting payments.

Nana Peprah welcomed the intervention, describing it as timely and necessary to address long-standing concerns within the import community.

“We just had this meeting recently on arbitrary rates used by the shipping lines at the ports, and the next thing we saw is a notice on the guidelines. This can be described as timely and good for the industry,” he remarked.

The GIFF Vice President also revealed that the Institute would soon push for further reforms, including a proposal to fix exchange rates for a minimum of one month. He believes such a measure would help importers plan better and bring stability to the cost of doing business in the country.

“The next thing that we will be pushing for is the rates being fixed for at least a month to aid planning for most importers and businesses. Such a move could further reduce the cost of doing business and allow importers to pass on savings to consumers,” he added.