Bank of Ghana Accepts $20 Million in Forex Auction, Rejects $50.1 Million in Bids
The Bank of Ghana, in its forex forward rates auction on Wednesday, August 28, 2024, accepted bids worth $20 million, effectively rejecting $50.1 million in bids.
The auction saw a total of $70.1 million in bids submitted by 10 Bulk Oil Distribution Companies (BDCs) through their respective banks.
The BDCs’ bid prices ranged between GHS 15.20 and GHS 15.76 per $1. However, the central bank settled on a uniform acceptance rate of GHS 15.60 per $1.
The forward forex auction is part of a broader liquidity-enhancing strategy, with the BoG setting aside $120 million for BDCs in the third quarter of 2024.
Of this, $20 million will be made available bi-weekly, underscoring the central bank’s commitment to maintaining a stable foreign exchange environment and mitigating fuel price volatility
