The government has announced a ban on the pricing and awarding of public contracts in foreign currency as part of efforts to stabilize the Ghanaian cedi and enhance fiscal discipline.
Presenting the 2025 Mid-Year Budget Review in Parliament on Wednesday, July 24, Finance Minister Dr. Cassiel Ato Forson noted that the growing reliance on foreign currencies for domestic transactions poses a serious threat to economic stability.
He cautioned that if this trend continues unchecked, it could undermine confidence in the cedi, accelerate inflation, and erode the currency’s role as a symbol of national sovereignty.
“To address this, President John Dramani Mahama has directed that, effective today, July 24, 2025, no government contract—regardless of the source of funding—should be denominated in foreign currency,” Dr. Forson announced.
The Minister further reminded the public that Ghana’s Foreign Exchange Act prohibits companies, institutions, and individuals from pricing, advertising, invoicing, or making payments in foreign currency without prior written approval from the Bank of Ghana.
According to him, the directive is part of a broader set of fiscal measures aimed at protecting the local currency and ensuring macroeconomic stability.
Source: Abigail Bonney | Adomonline.com
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