The Bank of Ghana will auction $120 million to Bulk Oil Distribution Companies (BDCs) in the fourth quarter of 2024.
This is the same amount it sold to the BDCs in the second and third quarters respectively.
According to its Forex Forward Auction Calendar, $40 million will be sold to the BDCs in each month of quarter four, 2024.
In October 2024, the Central Bank will auction $20 million each to the BDCs.
The same would be done in November 2024 2024, as two auctions will take place on November 13 and November 27, 2024.
It would also sell $20 million each to the BDCs on December 12, 2024, and December 27, 2024.
The Central Bank mentioned in a notice that the timelines for each auction would be between 9.30 am and 10.30 am on the date of the auction, whilst the announcement of the auction will be done at 3.00 pm.
It concluded that the BDCs Forex Forward Auction will be governed by the guidelines published and available on the Bank of Ghana website.
The sale of US dollars to the BDCs is to ensure that the oil importers have adequate foreign exchange liquidity to purchase finished oil products for consumption.
This is also expected to improve dollar liquidity on the forex.
Source: Joy Business