Bank of Ghana to Auction $120 Million to Oil Importers in Q4 2024
The Bank of Ghana has announced plans to auction $120 million to Bulk Oil Distribution Companies (BDCs) in the fourth quarter of 2024, mirroring the sums allocated in the second and third quarters.
According to its Forex Forward Auction Calendar, the central bank will release $40 million per month between October and December.
October’s auction will see $20 million made available, followed by similar offerings in November and December, with bi-monthly auctions scheduled for November 13, 27 and December 12, 27.
The auctions will take place between 9:30 am and 10:30 am, with results announced at 3:00 pm on the same day.
The Bank of Ghana stated that these auctions are governed by existing guidelines available on its website.
The move is designed to ensure sufficient foreign exchange liquidity for oil importers, safeguarding the purchase of refined petroleum products.
By extension, the auction is also expected to provide some relief to the broader forex market by improving dollar liquidity.
