The quest to reduce the high cost of doing business is facing a significant hurdle, as the Ghana Shippers Authority (GSA) points fingers at international shipping lines for allegedly imposing arbitrary exchange rates and actively resisting regulatory oversight.
Professor Ransford Gyampo, CEO of the GSA, revealed that his organisation has completed extensive investigations into these practices and has presented its findings to the Bank of Ghana (BoG) for action.
The accusations come amidst long-standing complaints from Ghanaian businesses and freight forwarders about exorbitant charges and opaque practices within the shipping industry, which they argue inflate import and export costs and threaten to drive businesses to more competitive ports in the West African sub-region, such as those in Togo or Côte d'Ivoire.
Speaking on the Key Points on TV3 on Saturday, July 12, Professor Gyampo minced no words, stating, "Some shipping lines are using their own arbitrary exchange rate; we have done all the investigations and given our findings to the Bank of Ghana." He expressed optimism for a resolution, adding, "Hopefully, we will all meet and look at this." This allegation of arbitrary exchange rates is a critical concern, as the Bank of Ghana (BoG) is the sole authority for setting the official reference exchange rate for the Ghanaian Cedi.
