Shipping Lines use port of origin exchange rates, not BoG – Imoro Ayana

Adam Imoro Ayana is the Vice President of the Ship Owners and Agents Association. He clarified how shipping lines calculate exchange rates at Ghana’s ports. This comes amid concerns from importers about inconsistent charges.

The Chamber of Freight and Trade raised these issues. They claimed that shipping lines use different exchange rates. These rates often do not match those set by the Bank of Ghana (BoG).

Dennis Amfo Sefa, the Chamber’s President, spoke on the Citi Breakfast Show on May 21. He said, “Shipping lines are not required to use the BoG rate.” Some use interbank rates from their banks instead. Others lock in a rate and review it monthly, causing challenges for importers.

On May 23, Imoro Ayana responded to these claims. He explained that shipping lines use the exchange rate at the port of origin when a vessel departs for Ghana. This principle remains unchanged despite currency fluctuations upon arrival.

He provided an example: If a vessel leaves when the rate is GHc16 to $1, that rate is used for costs. Even if the rate drops upon arrival in Ghana, they cannot change it.

Ayana noted that this formula applies to all countries where shipping lines operate. Therefore, if they arrive in Ghana with a different exchange rate, they still must adhere to their original calculation.

He emphasized that once money is spent based on an initial rate, it cannot be altered later.