Ghana: President Mahama Directs End to Foreign Currency Denominated Government Contracts

ACCRA – July 25, 2025 – In a significant move aimed at strengthening the local currency, President John Dramani Mahama has directed that, effective July 24, 2025, all government-awarded contracts, regardless of their funding source, must no longer be denominated in foreign currency.

The directive, announced by Ato Forson, signals a clear policy shift towards promoting the use of the Ghanaian Cedi in public procurement and expenditure. This measure is expected to reduce the country's exposure to exchange rate fluctuations and bolster the Cedi's stability.

The new policy will impact all future government contracts, ensuring that payments are made in the local currency. This could have broad implications across various sectors, particularly for contractors and suppliers who previously relied on foreign currency denominations for their agreements with the government.

Further details on the implementation and any potential exemptions or transition periods are anticipated as government agencies begin to align with the new directive.