The Ship Owners and Agents Association of Ghana (SOAAG) has refuted claims from freight forwarders and traders that shipping lines are violating Bank of Ghana (BoG) regulations by charging in US dollars. SOAAG Executive Member, Adam Imoru Ayarna, clarified that there is a distinction between pegging charges in USD and actually charging in USD. He explained that while freight is often pegged in dollars, it is converted to cedis for local transactions in compliance with Ghanaian law.
Ayarna emphasized that freight collected on behalf of foreign principals must be pegged in a stable currency like the dollar, as shipping lines cannot operate without a basis for converting charges. He questioned how trade figures would be calculated without an exchange rate system, adding that local agents comply with the BoG’s cedi requirement while adhering to global shipping practices.
Regarding compliance with the Ghana Shippers’ Authority (GSA) Regulations, SOAAG confirmed that shipping lines set their rates independently. Ayarna noted that unlike cocoa freight negotiations, where each shipping line negotiates directly with the GSA, SOAAG cannot negotiate on behalf of its members due to the varying cost bases of individual companies.
In cases of price increases, SOAAG ensures that shipping lines notify customers and the GSA at least 30 days in advance, allowing for dialogue and clarification. Ayarna highlighted that this process has been consistently followed, with shipping lines providing reasons for any service level increases and ensuring transparency in their operations.