Finance Minister Dr. Cassiel Ato Forson has announced that the government has officially banned the award of public contracts in any currency other than the Ghanaian cedi.
Presenting the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24, Dr. Forson lamented the growing use of foreign currencies in domestic transactions, warning of its adverse effects on the cedi and overall economic stability.
He stated that President John Dramani Mahama has issued a directive to ensure that, effective July 24, 2025, all government contracts—regardless of the source of funding—must be denominated solely in cedis.
“Mr. Speaker, the pricing of goods and services and the award of contracts in foreign currency pose significant risk to fiscal management with severe implications for the stability of our currency. Unfortunately, foreign currencies are becoming the means of transacting business in Ghana. This trend if not checked, will erode the confidence in our currency, drive inflation, and result in the loss of value in the symbol of our sovereignty.”
He added, “To curb this unfortunate development, President John Dramani Mahama has directed that beginning today, 24th July 2025, no contract awarded by government—irrespective of source of funding—should be denominated in foreign currency.”
Dr. Forson further cautioned businesses and institutions against transacting in foreign currencies without proper authorization, reminding them of legal provisions under Ghana’s foreign exchange laws.
“We also want to use this opportunity to remind the public that per the Foreign Exchange Act, 2006 (Act 723), companies, institutions and individuals are prohibited from pricing, advertising, receipting or making payments for goods and services in foreign currencies in Ghana without written authorization from Bank of Ghana.”
Source: Starrfm.com.gh
