The Chamber of Freight Forwarders and Traders has welcomed the Bank of Ghana’s directive requiring all port service providers to publicly disclose the exchange rates they apply in their billing processes.

It describes the move as a bold and long-overdue reform to improve transparency and reduce the cost of doing business at Ghana’s ports.

Speaking on Citi Eyewitness News on Tuesday, July 22, President of the Chamber, Dennis Amfo Sefa, commended the central bank for heeding years of advocacy from industry players.

“This is very welcoming. Over the years, we have consistently called for this level of transparency. If the government is serious about reducing the cost of daily business, then port operators, shipping lines, and terminal operators must all be held to account,” he stated.

He further said that the effectiveness of the government’s broader efforts to stabilise exchange rates must be reflected in port operations as well.

“If government is putting the right policies to solve the exchange rate and its fluctuation, it must equally reflect on the exchange rate that other ports project.”

The directive, effective July 22, 2025 compels shipping companies, terminal operators, freight forwarders and other port service providers to publish their exchange rates daily.

These rates must be visible on websites or displayed at physical premises and communicated to clients before any invoicing is done.

The new rules, issued under the BoG’s revised guidelines on foreign exchange practices in the maritime and shipping sectors, aim to enhance consistency in billing and promote fair trade practices.

All invoices are now required to state the original currency of service, the applied exchange rate, the date of its application, and the final amount in either Ghana cedis (GHS) or U.S. dollars (USD).

The central bank insists that applied rates must reflect prevailing interbank market conditions not arbitrary valuations.

It believes this addresses long-standing complaints from importers and exporters over pricing inconsistencies.