Bulk Oil Distribution Companies purchase $20m at GHS 13.86/$1 from Central Bank
In a bid to fortify stability in Ghana’s forex market, the Bank of Ghana (BoG) orchestrated a pivotal transaction with Bulk Oil Distribution Companies (BDCs) on Tuesday, April 30, 2024.
This move, facilitated through a forex forward auction, saw BDCs collectively securing $20 million at a rate of GHS 13.86 per US dollar.
The auction, which witnessed the active participation of 10 BDCs submitting bids within a spectrum of GHS 13.22 to GHS 13.60, underscores a strategic alignment with the BoG’s established forex forward rate of GHS 13.86.
This concerted effort highlights the central bank’s proactive stance in assuaging uncertainties surrounding foreign exchange availability, particularly within the critical downstream sector responsible for pricing imported fuel.
With fuel prices at retail pumps often susceptible to fluctuations in the forex market, the successful execution of this transaction is poised to anchor stability in this crucial sector, offering a sense of assurance to consumers and stakeholders alike.
Moreover, it reflects the BoG’s unwavering commitment to promoting a robust and efficient foreign exchange market, vital for sustaining economic growth and stability.
By ensuring BDCs’ access to a significant pool of foreign currency, the central bank aims to bolster the growth and stability of the oil distribution industry, thereby fostering a conducive environment for sustainable economic development.
