Ten BDCs Benefit From BoG’s $120m Q2 Programme, Next $20m Auction Scheduled for Early July
The Bank of Ghana (BoG) has disbursed $20 million to ten Bulk Oil Distribution Companies (BDCs) in its latest foreign exchange forward auction, reinforcing the central bank’s targeted intervention to stabilise the local currency and ensure uninterrupted fuel supply.
Conducted on Thursday, June 26, the auction was priced at a fixed rate of GHS10.40 to the US dollar, with bids ranging from GHS10.00 to GHS10.35. The intervention forms part of a broader $120 million programme announced by the BoG in April to guarantee bi-weekly dollar liquidity for eligible BDCs during the second quarter of 2025.
The initiative aims to reduce pressure on the interbank foreign exchange market by channelling forex directly to the downstream petroleum sector – one of the largest sources of foreign exchange demand – thereby improving predictability in fuel pricing and shielding the economy from global commodity price volatility.
According to the central bank, the measure is a deliberate policy response to external shocks driven by unstable global oil prices and aims to preserve macroeconomic stability while containing inflationary pressures emanating from imported energy costs.
Industry analysts say BoG’s intervention could play a significant role in managing short-term exchange rate volatility, especially as demand for petroleum products remains high and global oil prices continue to fluctuate.
The next auction under the FX supply programme is expected in early July, with another $20 million tranche earmarked for qualifying BDCs. The intervention by the BoG serves as a stabilising anchor for both the energy sector and the broader economy as Ghana navigates persistent fiscal and external challenges.
