dollars Archives - Wontumi Online

10 Jul

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

wontumionlineBusinessAuction, BDCs, BoG, dollars

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…

British Pound Plummets to Record Low Against the Dollar

wontumionlineBusinessdollars, Pounds

The British pound fell to a new record low against the US dollar of $1.035 on Monday, plummeting more than 4%. The slide came as trading opened in Asia and Australia on Monday, extending a 2.6% dive from Friday — and spurring predictions the pound could plunge to parity with the US dollar in the coming months. The unprecedented currency slump follows British Chancellor of the Exchequer Kwasi Kwarteng’s announcement on Friday that the United Kingdom would impose the biggest tax cuts in 50 years at the same time as boosting spending. The new tax-slashing fiscal measures, which include scrapping plans for rising corporation…

Report Companies That Price In Dollars – BoG

wontumionlineBusinessbank of ghana, BoG, dollars, Dr Joseph France

The Head of Financial Stability at the Bank of Ghana (BoG), Dr. Joseph France, has called on Ghanaians to report individuals and companies that price their products and services in dollars. According to him, whereas some companies are permitted to directly deal with foreign exchange due to they being net earners of foreign exchange like mining companies and oil and gas companies etc., most companies are not permitted to do so. He said companies and individuals who price their products in dollars without explicit permission from the Bank of Ghana are in contravention of the Foreign Exchange Act and must…