Government contracts will not be paid in foreign currency, effective July 24 – Mahama

By Prince Antwi July 25, 2025

President John Dramani Mahama has directed that, effective Thursday, July 24, 2025, all government contracts must be awarded strictly in Ghanaian cedis, regardless of the source of funding.

Announcing the directive during the presentation of the 2025 Mid-Year Budget Review, Finance Minister Dr. Cassiel Ato Forson stated that the growing use of foreign currencies in pricing and contract awards poses a serious threat to fiscal discipline and the stability of the local currency.

“Unfortunately, foreign currencies are becoming the means of transacting business in Ghana,” Dr. Forson told Parliament. “This trend, if not checked, will erode confidence in our currency, drive inflation, and diminish the value of the symbol of our sovereignty.”

To address this issue, he said, “President John Dramani Mahama has directed that, beginning today, July 24, 2025, no contract awarded by the government, irrespective of the source of funding, should be denominated in foreign currency.”

Dr. Forson further reminded the public that under the Foreign Exchange Act, 2006 (Act 723), it is illegal for individuals, businesses, or institutions to price, advertise, or accept payments in foreign currency within Ghana without prior written authorisation from the Bank of Ghana.

The Central Bank has also reiterated its stance, cautioning against any form of transaction in foreign currencies within the country, emphasising that such practices are unlawful and will be met with appropriate sanctions.