GHANA WEATHER

Exchange rate disparities at Ports ‘preposterous’ – Freight Chamber

Exchange rate disparities at Ports ‘preposterous’ - Freight Chamber
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By Franklin ASARE-DONKOH

President of the Chamber of Freight and Trade, Mr Dennis Amfo Sefa, has expressed deep concern over exchange rate disparities at Ghana’s ports, describing the situation as “preposterous and unjustified.”

Speaking on the Citi Breakfast Show on Wednesday, 20 May 2025, Mr Dennis Amfo Sefa addressed growing public pressure on importers, particularly spare parts dealers, to reduce prices of goods following the Ghanaian cedi’s recent appreciation against the US dollar.

Mr Amfo Sefa defended traders’ reluctance to lower prices, explaining that most goods currently on the market were imported when the exchange rate was much higher. As a result, traders risk significant losses if forced to reduce prices prematurely.

He further pointed to inconsistencies in the application of exchange rates at the ports, which, he said, compound the challenges faced by importers.

Some importers have claimed that while the Bank of Ghana (BoG) pegs the exchange rate at approximately GHS13 to US$1, Customs officials at the ports apply a rate of GHS15 to US$1.

However, Mr Amfo Sefa clarified that Customs uses the official rates set by the Bank of Ghana.

“No one can say Customs is using a different rate. If you check the Integrated Customs Management System (ICUMS), you’ll find rates consistent with what BoG has published, around GHS12.1 or GHS13, never above that,” he emphasised.

He instead accused private operators at the ports, particularly shipping lines, of using their own exchange rates to calculate charges such as demurrage.

“The shipping lines are not under any obligation to use the BoG rate. Some use interbank rates from their banks. Others lock in a rate and review it monthly. This lack of uniformity creates serious challenges for importers,” he said.

Mr Amfo Sefa also criticised the Ghana Shippers’ Authority for what he described as its failure to regulate the practices of shipping lines.

“We’ve complained for years, but the Shippers Authority isn’t doing enough. Shipping lines are left to do whatever they want, and it’s hurting business,” he added.

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