Adnan Adams Mohammed
The Bank of Ghana Forex Forward Auction Calendar has indicated plans to sell $40 million each month throughout the fourth quarter to Bulk Oil Distribution Companies (BDCs).
This is in effort to reduce pressure on the foreign exchange market to help stabilise the local currency.
In total, about US$120 million will be made available to BDCs, major forex trading partner in Ghana.
According to the calendar, the Central Bank will auction $20 million to the BDCs twice in October.
The same approach will be taken in November, with two auctions set for November 13 and November 27.
Also, in December, $20 million will be auctioned on December 12 and December 27.
The Bank of Ghana said in a notice that each auction will take place between 9:30 am and 10:30 am, with results to be announced by 3:00 pm on the auction day.
The auctions will follow the guidelines outlined on the Bank of Ghana’s website.
The purpose of the dollar sales is to ensure that oil importers have adequate foreign exchange liquidity to purchase refined petroleum products for local consumption.
It is also expected to help improve overall dollar liquidity in the foreign exchange market.
