Exchange rate disparities at Ports ‘unjustified’ — Freight Chamber

Dennis Amfo Sefa is the President of the Chamber of Freight and Trade. He recently discussed high import prices in Ghana. This comes despite the Ghanaian Cedi strengthening against the US Dollar.

On Wednesday, he spoke on the Citi Breakfast Show. He addressed concerns from the Spare Parts Dealers Association about pricing. Traders are hesitant to lower prices because their stock was bought at higher rates.

Amfo Sefa noted inconsistencies in exchange rates at ports. Importers say Customs uses a rate of GHC15 to $1, while the Bank of Ghana (BoG) sets it around GHC13 to $1.

He clarified that Customs follows BoG’s official rates. “Customs is not using a different rate,” he said. The Integrated Customs Management System (ICUMS) shows rates consistent with BoG’s figures.

The real issue involves private operators at ports, especially shipping lines. They often use their own rates for charges like demurrage. “Shipping lines are not required to use BoG's rate,” he explained.

Some shipping lines use interbank rates or set monthly reviews for their rates. This lack of uniformity creates challenges for importers, according to Amfo Sefa.

He criticized the Ghana Shippers Authority for not addressing these issues. “We’ve complained for years, but they aren’t doing enough,” he said. He believes this situation is hurting businesses in Ghana.