BoG Pumps $20 Million into Downstream Petroleum Sector in Latest Forex Auction
Eleven Bulk Oil Distribution Companies (BDCs) have secured $20 million from the Bank of Ghana (BoG) through its latest foreign exchange forward auction held on Wednesday, January 29, 2025.
The auction, conducted at a locked exchange rate of GHS 15.47 per US dollar, saw bids ranging between GHS 14.89 and GHS 15.30.
The foreign exchange forward auction forms part of the BoG’s ongoing strategy to ensure forex availability for the downstream petroleum sector, helping to stabilize fuel prices amid volatile global oil markets.
By injecting foreign currency into the oil distribution industry, the central bank aims to mitigate forex pressures, support industry players, and promote broader economic stability.
The forex forward auction is a key component of the BoG’s liquidity-enhancing measures, with $120 million allocated to BDCs in the first quarter of 2025.
Under this arrangement, $20 million is released every two weeks, underscoring the central bank’s commitment to maintaining exchange rate stability and curbing fuel price volatility.
