President John Dramani Mahama
President John Mahama has ordered that effective Thursday, July 24, 2025, no government contract should be awarded in any foreign-denominated currency.
According to the Minister of Finance, Dr Cassiel Ato Forson, 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 the local currency.
During the presentation of the 2025 Mid-Year Budget Review, he said, “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.
“To curb this unfortunate development, President John Dramani Mahama has directed that, beginning today, 24th July 2025, no contract awarded by the government irrespective of the source of funding should be denominated in foreign currency.”
He added that; “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, receiving or making payments for goods and services in foreign currencies in Ghana without written authorisation from the Bank of Ghana.”
The Bank of Ghana has also warned against transacting any form of business in foreign currencies in Ghana.
According to the Central Bank, this is illegal.
SSD/AE
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