diff --git a/Cargo.toml b/Cargo.toml
index 816a6a6de..bf93f9d60 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -6,6 +6,33 @@ resolver = "2"
 version = "0.18.1" # VERSION
 rust-version = "1.78"
 
+[workspace.dependencies]
+ast = { path = "ast" }
+backtrace = "0.3"
+blake3 = "1.5"
+compiler = { path = "compiler" }
+crossbeam-queue = "0.3"
+crossbeam-utils = "0.8"
+flate2 = "1.0"
+fnv = "1.0"
+getopts = "0.2"
+indexmap = "2.6"
+inkwell = "0.5"
+libc = "0.2"
+llvm-sys-170 = "170.2"
+location = { path = "location" }
+once_cell = "1.9"
+rand = "0.8"
+rustix = { version = "0.38", default-features = false }
+rustls = { version = "0.23", default-features = false }
+rustls-pemfile = "2.1"
+similar-asserts = "1.1"
+tar = { version = "0.4", default-features = false }
+types = { path = "types" }
+unicode-segmentation = "1.10"
+unicode-width = "0.2"
+ureq = "3.0"
+
 [profile.release]
 panic = "abort"
 
diff --git a/ast/Cargo.toml b/ast/Cargo.toml
index c2076c097..56d46682e 100644
--- a/ast/Cargo.toml
+++ b/ast/Cargo.toml
@@ -10,8 +10,8 @@ rust-version.workspace = true
 doctest = false
 
 [dependencies]
-unicode-segmentation = "^1.8"
-location = { path = "../location" }
+unicode-segmentation = { workspace = true }
+location = { workspace = true }
 
 [dev-dependencies]
-similar-asserts = "^1.1"
+similar-asserts = { workspace = true }
diff --git a/compiler/Cargo.toml b/compiler/Cargo.toml
index 7ec5d7625..f09e415fb 100644
--- a/compiler/Cargo.toml
+++ b/compiler/Cargo.toml
@@ -11,16 +11,16 @@ rust-version.workspace = true
 doctest = false
 
 [dependencies]
-ast = { path = "../ast" }
-types = { path = "../types" }
-location = { path = "../location" }
-unicode-width = "^0.2"
-fnv = "^1.0"
-blake3 = "^1.5"
-inkwell = { version = "^0.5", features = ["llvm17-0"] }
+ast = { workspace = true }
+types = { workspace = true }
+location = { workspace = true }
+unicode-width = { workspace = true }
+fnv = { workspace = true }
+blake3 = { workspace = true }
+inkwell = { workspace = true, features = ["llvm17-0"] }
 llvm-sys-170 = { package = "llvm-sys", version = "^170.2", features = ["prefer-static"] }
-indexmap = "^2.6"
-crossbeam-queue = "^0.3"
+indexmap = { workspace = true }
+crossbeam-queue = { workspace = true }
 
 [dev-dependencies]
-similar-asserts = "^1.1"
+similar-asserts = { workspace = true }
diff --git a/inko/Cargo.toml b/inko/Cargo.toml
index 22e6fa208..bade4d603 100644
--- a/inko/Cargo.toml
+++ b/inko/Cargo.toml
@@ -7,10 +7,10 @@ license = "MPL-2.0"
 rust-version.workspace = true
 
 [dependencies]
-getopts = "^0.2"
-compiler = { path = "../compiler" }
-types = { path = "../types" }
-ureq = { version = "^3.0" }
-flate2 = "^1.0"
-tar = { version = "^0.4", default-features = false }
-blake3 = "^1.5"
+getopts = { workspace = true }
+compiler = { workspace = true }
+types = { workspace = true }
+ureq = { workspace = true }
+flate2 = { workspace = true }
+tar = { workspace = true }
+blake3 = { workspace = true }
diff --git a/rt/Cargo.toml b/rt/Cargo.toml
index 688342884..20366d269 100644
--- a/rt/Cargo.toml
+++ b/rt/Cargo.toml
@@ -13,16 +13,16 @@ doctest = false
 crate-type = ["staticlib", "lib"]
 
 [dependencies]
-crossbeam-utils = "^0.8"
-crossbeam-queue = "^0.3"
+crossbeam-utils = { workspace = true }
+crossbeam-queue = { workspace = true }
 
 # We use rustix where possible, but as it doesn't offer support for everything
 # (e.g. signal management) we still need to use libc in those cases.
-libc = "^0.2"
-rand = { version = "^0.8", features = ["default", "small_rng"] }
-unicode-segmentation = "^1.10"
-backtrace = "^0.3"
-rustix = { version = "^0.38", features = ["mm", "param", "process", "std", "event"], default-features = false }
+libc = { workspace = true }
+rand = { workspace = true, features = ["default", "small_rng"] }
+unicode-segmentation = { workspace = true }
+backtrace = { workspace = true }
+rustix = { workspace = true, features = ["mm", "param", "process", "std", "event"] }
 
 # The dependencies needed for TLS support.
 #
@@ -33,15 +33,15 @@ rustix = { version = "^0.38", features = ["mm", "param", "process", "std", "even
 #    bindings for a limited set of platforms
 # 2. aws-lc-sys increases compile times quite a bit
 # 3. We don't care about FIPS compliance at the time of writing
-rustls = { version = "^0.23", features = ["ring", "tls12", "std"], default-features = false }
-rustls-pemfile = "^2.1"
+rustls = { workspace = true, features = ["ring", "tls12", "std"] }
+rustls-pemfile = { workspace = true }
 
 # These dependencies are used by the customized version of
 # rustls-platform-modifier. We include a custom version so we can deal with the
 # platform verification process being potentially slow. See
 # https://github.com/rustls/rustls/issues/850 and
 # https://github.com/inko-lang/inko/issues/329 for more details.
-once_cell = "1.9"
+once_cell = { workspace = true }
 
 [target.'cfg(all(unix, not(target_os = "macos")))'.dependencies]
 rustls-native-certs = "0.7"
diff --git a/types/Cargo.toml b/types/Cargo.toml
index 84ff67744..a7e2a0d4f 100644
--- a/types/Cargo.toml
+++ b/types/Cargo.toml
@@ -10,5 +10,5 @@ rust-version.workspace = true
 doctest = false
 
 [dependencies]
-location = { path = "../location" }
-indexmap = "^2.6"
+location = { workspace = true }
+indexmap = { workspace = true }