BDCs

BoG To Auction $120M To BDCs In Quarter 3, 2024
10 Jul

BoG To Auction $120M To BDCs In Quarter 3, 2024

wontumionlineBusiness, , ,
The Bank of Ghana would auction $120 million to Bulk Oil Distribution Companies (BDCs) in the third quarter of 2024. This will be same as it did in the second quarter of 2024. According to its Forex Forward Auction Calendar, $40 million will be sold to the BDCs in each month of quarter three 2024. In July 2024, the Central Bank will auction $20 million each to the BDCs. The same would be done in August 2024, as two auctions will take place on August 13, 2024, and August 28, 2024. In September 2024, the Central Bank will also sell…
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Cedi To Continue Stability Against Dollar This Week; Sells At ¢11.43
29 Aug

Cedi To Continue Stability Against Dollar This Week; Sells At ¢11.43

wontumionlineBusiness, ,
The Ghana cedi is expected to continue its stability against the US dollar this week. This is due to an expected foreign exchange auction for Bulk Oil Distribution Companies (BDCs). While analysts envisage an increase in corporate demand and a possible offshore forex repatriation from the coupon payments on the new bonds, the cedi will remain steady this week. Last week, the local currency remained firm on the spot market, while posting a mixed performance on the interbank market amidst tinny foreign exchange liquidity. This is despite increased corporate demand, drying up liquidity, although the market experienced minimal activities from…
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BoG To Sell $120M To BDCs In Quarter 3, 2023
10 Jul

BoG To Sell $120M To BDCs In Quarter 3, 2023

wontumionlineBusiness, ,
The Bank of Ghana would sell $120 million to Bulk Oil Distribution Companies (BDCs) in the third quarter of 2023. This will be done via the FX Forward Auction Calendar for the third quarter of 2023. According to the calendar, $40 million each would be auctioned in July 2023, August 2023 and September 2023 respectively. $20 million each will be sold on July 14 and 28, 2023 respectively. Another $40 million dollars will be sold in August 2023. $20 million each would be sold on August 15 and August 30, 2023, respectively. The Central Bank will once more sell $40…
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Cedi To Continue Stability Against Dollar
25 Jan

Cedi To Continue Stability Against Dollar

wontumionlineBusiness, , ,
The Ghana cedi is expected to further stabilise against the US dollar on the back of continued Bank of Ghana support. The cedi traded at a mid-rate of ¢12.90, losing 1.55% value to the American greenback the past week. This is against about 7.48% the previous week. The local currency’s performance has been better this week as it continues its stability in the retail or forex market. It is being quoted at ¢10.36 to one US dollar on the interbank market. Last week, the foreign exchange auction for the Bulk Oil Distribution Companies was suspended because the first batch of…
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IES Warns Of Fuel Shortage
18 Oct

IES Warns Of Fuel Shortage

wontumionlineBusiness, ,
The Institute for Energy Security (IES) is warning of a shortage of widespread petroleum products across the country in no matter of time. According to the energy think tank, the free fall of the cedi, which is causing a scarcity of dollars and the erosion of some working capital of the Bulk Oil Distribution Companies are the reasons that will trigger the shortage. Executive Director of IES, Nana Amoasi VII said Ghanaians should be worried about this development. “There is something to be much worried about and that’s the likelihood of the shortage of the commodity on the market on…
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