President Mahama Directs End to Foreign Currency Denominated Government Contracts

ACCRA, Ghana – In a significant policy shift, President Mahama has issued a directive that, effective today, July 24, 2025 , all government contracts awarded will no longer be denominated in foreign currency. This new mandate applies irrespective of the funding source for the contract. The directive was announced by Ato Forson, though further details on the implications and rationale behind the decision are anticipated. The move suggests a strategic effort by the government to potentially strengthen the local currency, manage foreign exchange risks, and promote greater stability within the national economy. This policy change is expected to have broad implications across various sectors engaged in government projects, from infrastructure development to service provision. Contractors and stakeholders will likely need to adjust their financial planning and bidding strategies to align with the new requirement for local currency denominations.