The Bank of Ghana will in the third quarter of 2023 sell $120 million to Bulk Oil Distribution Companies (BDCs) under the FX Forward Auction Calendar for the same period.

the calendar, $40 million each would be auctioned in July, August and September. Further breakdown suggests that $20 million each will be sold on July 14 and 28.

$20 million each would be sold on August 15 and August 30, respectively.

The Central Bank will again sell $20 million on September 14 and $20 million on September 29.

The FX support to the BDCs will reduce the dollar liquidity constraints being faced by the oil importers to help in the supply of petroleum products and stabilize prices at the pumps.

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 Bulk Oil Distribution Companies (BDCs) Forex Forward Auction will be governed by the guidelines published and available on the Bank of Ghana website”, the BoG added in a statement.

Source:citibusinessnews.com