• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Pressure on cedi continues as $75m BoG forex auction oversubscribed 3.6 times

4 years ago
in Banking & Finance, Business, Economy, Editor's pick, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
186
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Pressure on cedi continues as $75m BoG forex auction oversubscribed 3.6 times

The cedi is anticipated to experience further depreciation against the US dollar and other major currencies in the coming days.

This is due to the continuous high demand for the greenback from the Central Bank by businesses in the country.

Since the beginning of this year, demand for dollar the by banks, businesses and particularly importers and exporters has seen a huge increment.

The high demand for the cedi’s anchor currency (dollar) has resulted in the local currency’s depreciation rate of 14.6% against the dollar as at mid-March 2022.

The rising demand for the greenback by banks, businesses exporters and importers is evidenced by the recent oversubscription of the Bank of Ghana’s (BoG) dollar auction by $179.5m – bid cover ratio is 3.6 times.

The Central Bank in its forex forward rates auction on Tuesday, March 22, 2022, met its target of auctioning $75 million to bidders for the dollar.

RelatedPosts

New UN Forum Aims to Tackle Developing Economies’ Debt Issues

Dangote Plans 10% Sale of Refinery Shares

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold

The $75 million was however out of a total of $272.5 million bids submitted by banks, importers, exporters and businesses that have need of the greenback for their transactions.

In accepting the $75 million bids made, the BoG rejected bids to the tune of $179.5 million made by buyers.

Bids by buyers were made for the 7 day, 15 day, 30 day, 45 day, 60 day and 75 day tenors.

Total bids submitted for the 7 day tenor amounted to $111.75 million of which the BoG accepted $22.75 million.

For the 15 day, 30 day, 45 day, 60 day and 75 day tenors, bids made totaled $89.75 million, $39.5 million, $15.5 million, $10.75 million and $5.25 million respectively.

The BoG, for the 15 day, 30 day, 45 day, 60 day and 75 day tenors accepted bids totaling $24.25 million, $14.75 million, $6.5 million, $4.75 million and $2 million respectively.

The BoG’s forex forward auction programme is to help govern the conduct of forex auctions on the interbank foreign exchange market, deepen the forex market and reduce uncertainty on the future availability of dollars to meet the forex need of banks, importers, exporters and other businesses.

Fx Forward Auction Result No 0065 by Fuaad Dodoo on Scribd

Source: norvanreports
Tags: Bank of Ghana (BoG)ghanaPressure on cedi continues as $75m BoG forex auction oversubscribed 3.6 times
No Result
View All Result

Highlights

Former First Lady Nana Konadu Agyeman-Rawlings Passes Away at 77

GFA President Commends Ghanaian Media, Calls For Continued Collaboration to Advance Football Development

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat

World Bank Unveils IFC2030 Strategy to Boost Private Capital and Job Creation

Domestic Debt Surpasses External Debt for the First Time in Years

Aliko Dangote Becomes the First African to hit the $30 Billion Mark

Trending

Business

New UN Forum Aims to Tackle Developing Economies’ Debt Issues

October 23, 2025

New UN Forum Aims to Tackle Developing Economies' Debt Issues A new U.N.-supported forum designed to help...

Dangote Plans 10% Sale of Refinery Shares

October 23, 2025

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold

October 23, 2025

Former First Lady Nana Konadu Agyeman-Rawlings Passes Away at 77

October 23, 2025

GFA President Commends Ghanaian Media, Calls For Continued Collaboration to Advance Football Development

October 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.