• 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 highlights

High dollar demand sees BoG’s forex auction oversubscribed by 325%

4 years ago
in highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
158
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

High dollar demand sees BoG’s forex auction oversubscribed by 325%

The Bank of Ghana [BoG] in its forex forward rates auction on Tuesday, November 30, exceeded its target of raising $40 million.

The Central Bank at the end of Tuesday’s auction received bids totalling $170.2 million from banks and businesses for its forex although it was only expecting some $40 million in total bids for the greenback.

This therefore implies that the Central Bank by accepting the $40 million bids exceeded its auction target by 325 percentage points.

The BoG however, rejected bids to the tune of $130.2 million made by buyers.

The rejected $130.2 million bids was out of a total $170.2 million bids submitted by buyers.

The oversubscription of the Bank of Ghana’s (BoG) forex auction has been the trend for some weeks now as businesses are now in dire need of the dollar particularly for imports ahead of the Christmas festivities.

RelatedPosts

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

The Central Bank in its last forex auction on November 24, also had its dollar auction oversubscribed by 304.4 percentage points.

The BoG in last week’s forex auction rejected $121.75 million bids submitted by banks, importers, exporters and other persons and businesses that have need of the American dollar for their transactions.

Read Also: Finance Minister hints of a reduction in proposed 1.75% E-Levy

The high demand for the dollar is expected to put pressure on the cedi and cause it to depreciate against the major trading currencies especially against the American dollar.

Presently, the cedi boasts a 2.6 percentage points year-to-date depreciation rate against the dollar.

Bids were made for the 7 day, 15 day, 30 day and 45 day tenors.

Total bids submitted for the 7 day tenor amounted to $90.2 million of which the BoG accepted $21.75 million.

For the 15 day, 30 day and 45 day tenors, bids made totaled $55 million, $21 million and $4 million respectively.

The BoG, for the 15 day, 30 day and 45 day tenors accepted bids totaling $12 million, $4.75 million and $1.5 million respectively.

No bids were made for the 60 day and 75 day tenors.

Peruse details of auction results below:

Fx Forward Auction Result No 0056 by Fuaad Dodoo on Scribd

Source: norvanreports
Tags: Bank of Ghana (BoG)ghanaHigh dollar demand sees BoG's forex auction oversubscribed by 325%
No Result
View All Result

Highlights

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

CAF Establishes New Infrastructure Department to Enhance Stadium Development Across Africa

Bibiani Gold Stars Set to Begin GPL Title Defence Against Bechem United as Fixtures for 2025/26 Season Are Released

Gov’t Increases Producer Price of Cocoa to GHS 51,660 per Tonne for 2025/2026 Season

Trending

Business

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

August 4, 2025

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025...

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 2025

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

August 4, 2025

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

August 4, 2025

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

August 4, 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.