Central Bank to make forex forward auctions worth $120m to BDCs in Q2 2024
The Bank of Ghana has released its Forex Forward Auction Calendar for the second quarter of 2024, catering specifically to Bulk Oil Distribution Companies (BDCs).
In a bid to enhance liquidity and facilitate smoother foreign exchange operations, a substantial amount of $120 million will be made available to the BDCs through the bi-weekly FX Forward Auction.
An amount of $20m will be sold by the BoG to BDCs on each auction date.
As per the guidelines outlined by the Bank of Ghana, interested parties are invited to submit bids in the prescribed format for the purchase of United States Dollars against Ghana cedis. Each auction date will have its distinct bidding timeline, commencing promptly between 9.30am and 10.30am.
Emphasizing transparency and adherence to protocol, the Bank of Ghana has established that the results of each auction will be promptly announced at 3.00pm on the respective auction date. This meticulous approach aims to provide clarity and certainty to all stakeholders involved in the Forex Forward Auction.
To participate in the Bulk Oil Distribution Companies Forex Forward Auction, firms must adhere to the guidelines available on the Bank of Ghana’s official website. By following the prescribed procedures, companies can seize the opportunity to acquire the much-needed United States Dollars, thereby facilitating smoother operations within the oil distribution sector.
The move by the Bank of Ghana demonstrates its commitment to promoting a robust and efficient foreign exchange market. By ensuring that BDCs have access to a significant pool of foreign currency, the central bank aims to support the growth and stability of the oil distribution industry, ultimately contributing to the broader economy.
