The Minister for Finance, Dr. Cassiel Ato Forson, has served notice that government contracts will no longer be awarded in foreign currencies, regardless of the funding source.
According to him, the move is to strengthen the Ghanaian cedi and reverse the growing trend of dollarization in the economy.
Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, 2025, the Minister said President John Dramani Mahama had issued a directive, effective immediately, prohibiting the pricing and awarding of public contracts in any currency other than the cedi.
“To curb this unfortunate development, His Excellency John Dramani Mahama has directed that from today, July 24, 2025, no contract awarded by the government, irrespective of the source of funding, should be denominated in foreign currency,” Dr. Forson told Parliament.
He further reminded the public that the Foreign Exchange Act, 2006 (Act 723) strictly prohibits companies, institutions, and individuals from pricing, advertising, or making payments in foreign currencies without the prior written approval of the Bank of Ghana.
By: Rainbowradioonline.com/Ghana