Ghana’s Finance Minister, Dr Cassiel Ato Forson, has announced a sweeping directive from President John Dramani Mahama that bans the awarding of all government contracts in foreign currencies, effective immediately.
Delivering the 2025 Mid-Year Budget Review in Parliament on Thursday, Dr Forson said the decision is aimed at stabilising the Ghanaian cedi and reversing the growing trend of dollarisation that threatens the country’s economic sovereignty.
“To curb this unfortunate development, His Excellency John Dramani Mahama has directed that from today, July 24, 2025, no contract awarded by the government, irrespective of the source of funding, should be denominated in foreign currency,” Dr Forson said.
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The new policy means that from now on, all public contracts, whether financed locally or internationally, must be priced and paid for in Ghana cedis.
The move comes amid growing concern over the increasing use of foreign currencies, particularly the US dollar, in local transactions, a trend the Governor of the Bank of Ghana, Dr Johnson Asiama, recently described as alarming.
The Finance Minister also reminded businesses and institutions of the existing laws on the matter.
“Let me remind all stakeholders that the Foreign Exchange Act, 2006 (Act 723), prohibits companies, institutions, and individuals from pricing, advertising, or making payments in foreign currencies without the prior written approval of the Bank of Ghana,” he emphasised.
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