The Bank of Ghana (BoG) has announced plans to inject $120 million into the market through a series of auctions for Bulk Oil Distribution Companies (BDCs) in the fourth quarter of 2024. This move aims to stabilize the foreign exchange supply and support the fuel industry amidst ongoing global economic challenges.
According to the BoG’s Forex Forward Auction Calendar, the central bank will offer $40 million per month throughout Q4. In October, two auctions will take place, each offering $20 million to BDCs. Similarly, in November, auctions scheduled for the 13th and 27th will also provide $20 million each. The final two auctions will occur on December 12 and December 27, with the same allocation.
The auction windows will be open from 9:30 a.m. to 10:30 a.m. on each auction date, and results will be announced by 3:00 p.m. This initiative ensures that oil importers can access the foreign currency needed to secure refined petroleum products, while also helping to boost dollar liquidity in the broader forex market.
All auction guidelines will be available on the Bank of Ghana’s official website.
