{"id":32231,"date":"2025-07-23T22:16:10","date_gmt":"2025-07-23T22:16:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/32231\/"},"modified":"2025-07-23T22:16:10","modified_gmt":"2025-07-23T22:16:10","slug":"giff-predicts-price-relief-as-bog-issues-new-rules-for-shipping-lines","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/32231\/","title":{"rendered":"GIFF predicts price relief as BoG issues new rules for shipping lines"},"content":{"rendered":"

\"Prices <\/a>Prices of imported goods are expected to reduce soon<\/p>\n

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 <\/a><\/a><\/a><\/a>Bank of Ghana<\/a> regarding exchange rates charged by shipping lines.<\/p>\n

According to the Vice President of GIFF, Nana Asiamah Peprah I, the independent rates previously charged by shipping lines caused traders to overprice goods.<\/p>\n

He noted that with the new guidelines, prices are likely to drop, since many shipping lines had been quoting rates \u201cway above\u201d those of the <\/a><\/a><\/a><\/a>Bank of Ghana<\/a> and commercial banks.<\/p>\n

\u201cSome of these shipping lines that were quoting very high rates are now being compelled to work with the <\/a><\/a><\/a><\/a>Bank of Ghana<\/a> rates, which will definitely impact on the cost of imports and prices on the market,\u201d he was quoted by myjoyonline.com as saying.<\/p>\n

\u201cThis 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\u2019s appreciation,\u201d he added.<\/p>\n

The <\/a><\/a><\/a><\/a>Bank of Ghana<\/a> (BoG) issued the new guidelines to address growing concerns over discrepancies in exchange rates charged by various shipping lines operating in the country.<\/p>\n

This follows multiple reports from importers and industry stakeholders about inconsistencies in the application of exchange rates at Ghana\u2019s ports, issues many say have led to unfair charges, a lack of transparency, and distortions in the cost of doing business.<\/p>\n

In a press release issued on Monday, July 22, 2025, and sighted by GhanaWeb<\/a> Business, the Central Bank said the move is aimed at promoting transparency, consistency, and compliance with Ghana\u2019s foreign exchange regulatory framework.<\/p>\n

\u201cThe guidelines aim to ensure transparency, consistency, and alignment with regulatory frameworks in foreign exchange pricing for services offered at the ports,\u201d the statement read.<\/p>\n

In a statement issued on July 22, 2025, the bank announced the following guidelines:<\/p>\n

1. The guidelines apply to all players in the shipping industry operating

\nin Ghana.<\/p>\n

2. All industry players must publish daily exchange rates used for invoicing

\non their websites and\/or at their premises.<\/p>\n

3. The published rate must be available to customers and communicated

\nclearly to them prior to the issuance of invoices or payment.<\/p>\n

4. Invoices should clearly indicate:<\/p>\n

i. The currency of the service;<\/p>\n

ii. The applied exchange rate;<\/p>\n

iii. The date of application; and<\/p>\n

iv. The final amount in GHS or USD.<\/p>\n

5. Exchange rates must be market-reflective of their commercial bank rates

\nwhich is expected to be benchmarked to the <\/a><\/a><\/a><\/a>Bank of Ghana<\/a>\u2019s published

\ninterbank exchange rate and not arbitrarily determined.<\/p>\n

6. In case of disputes relating to the exchange rate application:<\/p>\n

i. Customers may lodge a formal complaint with the service provider<\/p>\n

ii. Unresolved complaints may be escalated to the Ghana Shippers\u2019

\nAuthority (GSA).<\/p>\n

7. All industry players must comply with the Foreign Exchange Act, 2006

\n(Act 723) and related notices.<\/p>\n

8. Non-compliance may result in administrative sanctions.<\/p>\n

9. The guidelines shall come into effect on 22nd July, 2025 and remain in

\nforce until otherwise amended or revoked.<\/p>\n

SSD\/MA<\/p>\n

Watch the latest episode of BizTech below:<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"Prices of imported goods are expected to reduce soon The Ghana Institute of Freight Forwarders (GIFF) has hinted…\n","protected":false},"author":2,"featured_media":32232,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-32231","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/32231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=32231"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/32231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/32232"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=32231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=32231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=32231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}