The Bank of Ghana would auction $120 million to Bulk Oil Distribution Companies (BDCs) in the third quarter of 2024.
This will be same as it did in the second quarter of 2024.
According to its Forex Forward Auction Calendar, $40 million will be sold to the BDCs in each month of quarter three 2024.
In July 2024, the Central Bank will auction $20 million each to the BDCs.
The same would be done in August 2024, as two auctions will take place on August 13, 2024, and August 28, 2024.
In September 2024, the Central Bank will also 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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