The Minister of Finance has opined that as part of efforts to stabilize the cedi and also mitigate inflation, government contracts would no longer be awarded in foreign currencies regardless of the funding source.
The Member of Parliament for Ajumako Enya Esiam indicated that the President has given a directive that all governmental contracts may only be priced and awarded in the cedi.
While presenting the mid-year budget review in Parliament,on July 24, he stated that it is forbidden to either make payments, advertise or charge in foreign currencies since the Foreign Exchange Act, 2006 (Act 723) provides a comprehensive explanation of the repercussions and consequences, and that companies, individuals, or institutions that are found to be in violation might face legal action.
“To mitigate this situation, His Excellency John Dramani Mahama has mandated that effective today, July 24, 2025, no government-awarded contract, regardless of funding source, shall be denominated in foreign currency,” he said.
His assertion comes at a time where concerns are being raised over the widespread utilization of foreign currencies in the purchase of goods and services.
