President John Dramani Mahama has banned the use of foreign currencies in all government-awarded contracts, effective July 24, 2025.
Finance Minister Dr. Cassiel Ato Forson made the announcement on Thursday during the presentation of the 2025 Mid-Year Budget Review in Parliament, describing the directive as a decisive step to protect the Ghana cedi and reinforce fiscal discipline.
According to Dr. Forson, the use of foreign currencies in pricing and awarding public contracts has become widespread, posing significant risks to the country’s economic stability.
The directive aligns with the Mahama administration’s broader efforts to restore confidence in the cedi and anchor macroeconomic stability.
“Mr. Speaker, the pricing of goods and services and the award of contracts in foreign currency pose significant risks to fiscal management with severe implications for the stability of our currency,” Dr. Forson said.
“Unfortunately, foreign currencies are becoming the means of transacting business in Ghana. This trend, if not checked, will erode confidence in our currency, drive inflation, and result in the loss of value in the symbol of our sovereignty.”
He emphasized that, regardless of the source of funding, all contracts must now be priced and executed strictly in Ghana cedis.
Dr. Forson also issued a stern reminder to businesses, institutions, and individuals, warning that transacting in foreign currency without explicit permission from the Bank of Ghana is illegal under the Foreign Exchange Act, 2006 (Act 723).
“We want to use this opportunity to remind the public that companies, institutions, and individuals are prohibited from pricing, advertising, receipting or making payments in foreign currencies without written approval from the Bank of Ghana,” he said.
