The Bank of Ghana would sell $120 million to Bulk Oil Distribution Companies (BDCs) in the third quarter of 2023.
This will be done via the FX Forward Auction Calendar for the third quarter of 2023.
According to the calendar, $40 million each would be auctioned in July 2023, August 2023 and September 2023 respectively.
$20 million each will be sold on July 14 and 28, 2023 respectively.
Another $40 million dollars will be sold in August 2023. $20 million each would be sold on August 15 and August 30, 2023, respectively.
The Central Bank will once more sell $40 million in September 2023 ($20 million on September 14 and $20 million on September 29, 2023).
The FX support to the BDCs is expected to reduce the dollar liquidity constraints the oil importers go through, a move that will help boost the supply of petroleum products and stabilize prices at the pumps.
According to the BoG, the BDCs Forex Forward Auction will be governed by the guidelines published and available on its website.
In accordance with the BDCs Forex Forward Auction guidelines, bids are invited as per the prescribed format to purchase United States Dollars against Ghana cedis, separately on each auction date and should be submitted via the dedicated email bogforwards@bog.gov.gh.
The International Monetary Fund (IMF) had earlier in its Country Report on Ghana advised the Central Bank to take steps to suspend the programme.
The IMF’s position was as a result of concerns over the emergence of multiple exchange rates caused by the BoG’s occasional provision of forex support at rates differing from those prevailing in the market.
The Fund therefore expects the BoG to ensure that its forex liquidity is provided at market exchange rates, while also implementing measures to support the unification of exchange rates across the board.
Latest Stories
-
The Fourth Estate’s investigative report wins 2nd place at 2024 AIJC
8 mins -
GPL: Our fans spur us on – GoldStars head coach Frimpong Manso on unbeaten run
48 mins -
Plantain chips are breaking hearts in Africa
52 mins -
61 new architects acquire state license to practice in Ghana
1 hour -
Masloc CEO honoured as capacity building Shero of the Year
1 hour -
MPs’ Repeated Attempts to Sue the Speaker: Unintended Consequences for the 2024 Elections?
2 hours -
Today’s front pages: Tuesday, November 5, 2024
2 hours -
Galamsey: Investigation into attack on Joy News’ Erastus Asare and colleagues already growing cold
2 hours -
Mahama promises construction of stadia in all 16 regions if elected
2 hours -
Dampare has transformed Police training school – Bawumia
3 hours -
America braced as two stark visions collide on election day
3 hours -
NAPO urges Ghanaians to support NPP’s vision for national development
3 hours -
About 95% of PWDs in Obuasi have source of livelihood – MCE
3 hours -
Immigration Service intercepts 54 gallons of fuel
3 hours -
Election 2024: Roman Fada selected as flagbearer for Ghana Freedom Party
3 hours