BoG sets $200m target in forex auction for Q1 2023
Some $200 million dollars is projected to be sold out to authorised dealers by the Bank of Ghana in the first quarter of 2023.
This is per the Central Bank’s first quarter Auction Target Calendar for Multiple-Price Foreign Exchange Forward Auction.
According to the Bank of Ghana, the said amount is going to be sold at the Foreign Exchange Forward Auction in accordance to its auction guidelines.
Compared to the some $420m auctioned in the fourth quarter of 2022, the Central Bank’s decision to auction $200m for the first quarter indicates a decrease of some $220m in its forex forward auction.
The Bank of Ghana, in the publication of the forex auction calendar, has called for the invitation of bids as per the prescribed format to purchase the US dollars against the cedis separately on each auction date.
Per the auction calendar, forex forward auctions amounting to $40m and $30m will be auctioned on each auction date from January 12, 2023 to March 29, 2023.
Receipts of bids will be made from 9:30am to 10:30am on each auction day with the announcement of the auction results made at 3pm on each auction date.
