The Bank of Ghana (BoG) is set to inject $120 million into the market through an auction for Bulk Oil Distribution Companies (BDCs) in the fourth quarter of 2024.
This initiative aligns with allocations made in the previous two quarters and underscores the central bank’s commitment to stabilizing foreign exchange supply while supporting the fuel industry amid global economic pressures.
According to the Bank’s Forex Forward Auction Calendar, $40 million will be made available each month throughout Q4. In October 2024, the Central Bank will auction $20 million in two separate tranches to the Bulk Oil Distribution Companies.
Two additional auctions are scheduled for November 13 and November 27, each offering $20 million to oil distributors. The final two auctions will occur on December 12 and December 27, with the same amount up for bid. The Bank of Ghana has stated that auction windows will open between 9:30 a.m. and 10:30 a.m. on each auction date, with results announced by 3:00 p.m.
These foreign exchange auctions aim to ensure sufficient liquidity for oil importers, enabling them to secure the necessary foreign currency for purchasing refined petroleum products. This initiative is also expected to enhance dollar availability in the broader forex market. All auction guidelines will be available on the Bank of Ghana’s official website.
Source: DEW360.NET
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