FREIGHT CHAMBER DEEMS EXCHANGE RATE VARIATIONS AT PORTS UNWARRANTED

The Ghana Institute of Freight Forwarders (GIFF), along with other trade associations, has voiced strong opposition to the persistent exchange rate disparities at Ghana’s ports. They argue that these differences are unwarranted and harmful to economic stability.

A key concern is the continued quoting of port tariffs in U.S. dollars by the Ghana Ports and Harbours Authority (GPHA). Stakeholders say this practice fuels the dollarization of the economy, undermines efforts to stabilize the Ghanaian cedi, and inflates the cost of doing business. Importers and exporters warn that the added financial pressure not only drives up operational expenses but also contributes to inflation.

Shipping lines have also come under fire for using self-determined exchange rates that often exceed the official rates set by the Bank of Ghana. This practice, critics say, further burdens traders and creates uncertainty in port-related transactions.

In light of these issues, business groups and economic analysts are urging the government to implement policies that fix exchange rates at the ports for extended periods. This, they believe, would reduce volatility and ease business operations. The Ghana Shippers Authority (GSA) is also being called upon to strictly enforce regulations requiring shipping lines to file their fees for approval, ensuring transparency and fairness.

The consensus among stakeholders is clear: eliminating exchange rate disparities and enforcing existing rules are critical to improving Ghana’s business climate and protecting the value of the cedi.