The Minister for Finance, Dr Cassiel Ato Forson, has introduced that each one authorities contracts will henceforth be awarded solely in Ghana cedis, efficient instantly. This implies contracts will now not be denominated in {dollars} or some other overseas foreign money.
Dr Forson defined that the follow of awarding contracts and pricing items and providers in foreign exchange presents a major danger to fiscal administration, with opposed implications for the steadiness of the Ghana cedi.
Presenting the mid-year finances assertion to Parliament on Thursday, 24 July, the Finance Minister expressed concern over the rising use of foreign exchange in enterprise transactions throughout the nation.
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Sadly, foreign exchange have gotten the technique of transacting enterprise in Ghana. This development, if not checked, will erode confidence in our foreign money, gasoline inflation and diminish the worth of our sovereign image.
Dr Forson introduced that President John Dramani Mahama has issued a directive for the rapid cessation of all authorities contracts in overseas foreign money. He added:
To curb this unlucky growth, President John Dramani Mahama has directed that, starting at the moment, 24 July 2025, no contract awarded by authorities, whatever the funding supply, ought to be denominated in overseas foreign money.
He additionally reminded the general public of their obligation to adjust to the International Change Act, 2006 (Act 723), which prohibits pricing, promoting, receipting or making funds in overseas foreign money inside Ghana with out prior approval from the Financial institution of Ghana.
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The Minister emphasised:
Corporations, establishments and people are prohibited from pricing, promoting, receipting or making fee for items and providers in foreign exchange in Ghana with out prior written approval from the Financial institution of Ghana.
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As well as, Dr Forson famous that wage pressures proceed to pose a problem to the 2025 fiscal framework, attributing the pressure to last-minute recruitments carried out by the earlier administration. He revealed that wages and salaries had exceeded targets by GHC 1.3 billion within the first half of the 12 months.
