The Minister of Finance, Dr. Cassiel Ato Forson has announced that no contract awarded by the government irrespective of source of funding should be denominated in foreign currency starting July 24, 2025.
The Minister of Finance, Dr. Cassiel Ato Forson who announced this during a presentation of the 2025 Mid-Year Budget Review to Parliament stated that pricing of goods, services and the award of contracts in foreign currency pose significant risk to fiscal management with severe implications for the stability of the Cedi.
He stated, “To curb this unfortunate development, President John Dramani Mahama has directed that beginning today 24th July 2025, no contract awarded by government irrespective of source of funding should be denominated in foreign currency”.
The trend according to the Finance Minister, ‘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’.
“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 Bank of Ghana,” he said.
By Ebenezer K. Amponsah