As part of efforts to stabilize the Ghanaian cedi and reinforce fiscal discipline, the government has officially banned the pricing and awarding of public contracts in foreign currency.
Delivering the 2025 Mid-Year Budget Review to Parliament on Wednesday, July 24, Finance Minister Dr. Cassiel Ato Forson stressed that the increasing use of foreign currencies for domestic contracts poses a direct threat to Ghana’s economic stability.
“If not addressed, this trend could weaken confidence in the cedi, fuel inflation, and undermine our monetary sovereignty,” Dr. Forson warned.
He announced that, effective immediately, no government contract—regardless of the funding source—is to be awarded in any foreign currency, following a directive from President John Dramani Mahama.
Dr. Forson also reminded the public that Ghana’s Foreign Exchange Act prohibits any pricing, invoicing, or payment in foreign currency without prior approval from the Bank of Ghana.
He emphasized that the move is part of a broader strategy to protect the value of the cedi and strengthen macroeconomic foundations.
