The Bank of Ghana (BoG) has announced plans to auction $120 million to Bulk Oil Distribution Companies (BDCs) in the first quarter of 2025 to enhance fuel supply stability in the country.
To implement this, the central bank has introduced a foreign exchange forward auction calendar that schedules six auctions, each worth $20 million.
The auctions will occur biweekly from January to March 2025, starting on January 14. The subsequent auctions are scheduled for January 29, February 12, February 26, March 12, and March 26.
These auctions will strictly follow the central bank’s guidelines, ensuring transparency and efficiency in the foreign exchange market.
The initiative forms part of the BoG’s strategic efforts to address foreign exchange demand pressures and stabilize the Ghanaian cedi, particularly in the downstream petroleum sector.
By providing BDCs with dependable access to foreign currency, this measure aims to enhance their capacity to import refined petroleum products, reducing supply disruptions and fostering price stability for consumers.
This move highlights the central bank’s commitment to supporting the petroleum sector and ensuring economic stability amid evolving global and local challenges.
“The Bank of Ghana announces for the information of all Authorised Foreign Exchange Dealing Banks, the Bulk Oil Distribution Companies (BDCs) FX forward Auction Calendar for the first quarter of 2025.
“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” part of a statement issued the Central Bank read.
Market participants, including authorized foreign exchange dealing banks and BDCs, have been directed to submit their bids through designated channels during specified timelines. The results of each auction will be announced on the same day, ensuring prompt communication to stakeholders.
The development highlights the BoG’s commitment to fostering macroeconomic stability and supporting key sectors of the economy. It also underscores the importance of collaboration between the central bank and industry players to navigate the complex challenges of the global energy market.
