GSA to sanction Shipping Lines over new BoG forex pricing directives

The Ghana Shippers’ Authority (GSA) has declared its readiness to sanction shipping lines that disregard the Bank of Ghana’s (BoG) newly issued directives on foreign exchange pricing at the country’s ports.

This follows a petition by the GSA, which prompted the BoG to issue a notice on July 22, 2025, requiring all shipping lines to publish their forex rates and align them with central bank-approved rates.

Speaking at the inauguration of the new GSA board, CEO Prof. Ransford Gyampo emphasized the authority’s commitment to regulating arbitrary forex charges and safeguarding the interests of importers and exporters.

“Now that we’ve secured BoG’s support, enforcement will be strict. Non-compliant shipping lines will face sanctions,” Prof. Gyampo warned.

The move is expected to improve transparency, stabilize freight charges, and lower the cost of doing business at Ghana’s ports.

It aligns with President John Mahama’s broader economic reforms, which aim to strengthen the cedi and create a fairer trading environment.

Prof. Gyampo also hinted at the possibility of introducing a flat rate system to give businesses more certainty in planning import and export activities.

Background

The BoG’s guidelines follow consultations with stakeholders and aim to ensure pricing consistency in the shipping sector.

The directives require all port service providers to conform to BoG’s official forex guidelines to eliminate arbitrary rate-setting.