Bank of Ghana to Auction $120 Million to BDCs in Q1 2025
The Bank of Ghana (BoG) has announced plans to auction $120 million to Bulk Oil Distribution Companies (BDCs) in the first quarter of 2025, as part of efforts to ensure fuel supply stability and address foreign exchange pressures.
In a statement, the Central Bank unveiled a foreign exchange forward auction calendar, detailing six biweekly auctions from January to March 2025. Each auction is set to allocate $20 million. The first auction is scheduled for January 14, with subsequent auctions on January 29, February 12, February 26, March 12, and March 26.
The auctions will adhere to BoG’s established guidelines, which prioritize transparency and efficiency in the foreign exchange market. BDCs and authorized foreign exchange dealing banks have been directed to submit bids through designated channels, with results to be announced on the same day.
“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,” the BoG stated.
This initiative forms part of the Central Bank’s broader strategy to stabilize the cedi and mitigate foreign exchange demand pressures, particularly in the downstream petroleum sector. By ensuring reliable access to foreign currency for BDCs, the auctions aim to strengthen their capacity to import refined petroleum products, thereby reducing supply disruptions and promoting price stability for consumers.
The move reflects BoG’s commitment to fostering macroeconomic stability and underscores its collaborative approach with industry stakeholders to navigate challenges in the global energy market.
