By Prince Asumah
The Chief Executive Officer-Ghana Shippers’ Authority (GSA), Prof. Ransford Gyampoh, has criticised some international shipping lines for avoiding regulatory oversight.
Speaking to Business and Financial Times, Prof. Gyampoh stated that certain shipping lines operate outside the Authority’s rules.
“Some shipping lines do not want to be regulated,” he said. “They want unfettered rights to milk shippers dry.”
He accused some firms of using their own exchange rates in contracts, ignoring official rates set by the Bank of Ghana. He said this practice puts local importers and exporters at a disadvantage and must be stopped.
Prof. Gyampoh reiterated GSA’s commitment to protecting local businesses from exploitation.
“We respect their right to operate in Ghana, but we will ensure they work within the confines of our laws,” he said, adding that the Bank of Ghana has been informed of the shipping lines involved.
According to GSA data, shippers in Ghana incurred US$24million in demurrage charges in 2022 – mainly due to exchange rate issues and delays. The Ghana Institute of Freight Forwarders (GIFF) has also revealed that Ghanaian importers pay around GH¢30million in demurrage each week.
To address these concerns, parliament recently passed the GSA Authority Act, 2024 (Act 1122). The new law, which amends the Authority’s original establishment law from 1974 (NRCD 254), is aimed at curbing excessive charges and ensuring transparency and fair competition within the shipping sector.
GSA has called on the Bank of Ghana to take swift action and ensure foreign shipping companies comply with local laws and respect fair trade principles.
The post GSA CEO criticises shipping lines for avoiding regulation appeared first on The Business & Financial Times.
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