Ghanaian President John Mahama has directed that payments for Ghanaian crude oil be made in the local currency, the cedi, according to a report by The Nation Newspaper. The directive, reported on Sunday, August 16, 2026, is intended to reduce strain on the country’s currency.
The Nation Newspaper reports that the move is designed to ease pressure on the cedi, which has faced volatility in foreign exchange markets. By requiring buyers of domestically produced crude oil to pay in cedis, the government aims to reduce demand for foreign currency and bolster the local unit’s stability.
The order applies to crude oil produced within Ghana, a significant exporter of the commodity. The policy is part of broader efforts by the administration to manage the country’s external reserves and support the cedi against depreciation pressures. The Nation Newspaper did not provide additional details on how the payment system will be implemented or which specific buyers or state entities will be affected.
The decision follows previous government measures to stabilize the currency, though The Nation Newspaper’s report does not specify whether this directive replaces existing payment arrangements or introduces new compliance requirements for oil companies operating in the country.
Observers will likely watch for further announcements from Ghana’s central bank or energy ministry on the operational timeline and whether the policy will extend to other export commodities. The effectiveness of the cedi payment requirement in curbing currency pressure remains to be seen, as market reactions and enforcement details are still unclear.
