BoG to auction $120m to BDCs in quarter 2, 2024

This act, though widespread, is illegal as the Pricing, Advertising, Receipting and/or making Payments for goods and services in foreign currency in Ghana is prohibited.

The Bank of Ghana will auction $120 million to Bulk Oil Distribution Companies (BDCs) in the second quarter of 2024.

The amount to be auction is the same as the first quarter of 2024.

According to its Forex Forward Auction Calendar, $40 million will be sold to the BDCs in each month of quarter two, 2024.

In April 2024, the Central Bank will auction $20 million each to the BDCs.

The same could be said about February 2024, as two auctions will take place on May 14, 2024, and May 29, 2024.

In May 2024, the Central Bank will sell $20 million each to the BDCs.

The Central Bank mentioned in a notice that the timelines for each auction would be between 9.30am and 10.30am on the date of the auction, whilst the announcement of the auction will be done at 3.00pm.

It concluded that the BDCs Forex Forward Auction will be governed by the guidelines published and available on the Bank of Ghana website.

The sale of US dollars to the BDCs is to ensure that the oil importers have adequate foreign exchange liquidity to purchase finished oil products for consumption. This is also expected to reduce the demand for the forex.

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