Finance Minister Dr. Cassiel Ato Forson has revealed that President John Dramani Mahama has directed a complete halt to the awarding of government contracts in foreign currencies, effective immediately.
Delivering the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson said the move is part of efforts to protect the cedi and combat the deepening trend of dollarisation in Ghana’s economy.
“From today, July 24, 2025, no government contract no matter the source of funding should be priced or awarded in any currency other than the Ghana cedi,” Dr. Forson announced, citing a firm directive from the President.
The Minister said allowing contracts to be priced in foreign currencies only weakens the cedi and creates long-term instability. He added that the government is determined to change that.
Dr. Forson also reminded Parliament and the general public that the Foreign Exchange Act of 2006 (Act 723) already makes it illegal to price, advertise, or transact in foreign currencies without the express permission of the Bank of Ghana.
“This isn’t just about economic sense it’s about legal compliance. The law is clear, and we intend to enforce it,” he noted.
The directive is expected to reshape how state contracts are managed and reduce pressure on the local currency amid ongoing fiscal reforms.
