Bank of Ghana (BoG) is set to auction $120 million to Bulk Oil Distribution Companies (BDCs) during the fourth quarter of 2024, matching the amount allocated to them in both the second and third quarters.

According to the Central Bank's Forex Forward Auction Calendar, $40 million will be auctioned each month, beginning with $20 million in October 2024.

This pattern will continue into November 2024, with two auctions scheduled on November 13 and November 27.

Similarly, two auctions will take place in December, on December 12 and December 27, offering $20 million each time.

The Central Bank has outlined that the auctions will be conducted between 9:30 am and 10:30 am on the specified dates, with results announced by 3:00 pm.

The process will adhere to the guidelines available on the Bank of Ghana's website.

The purpose of these dollar auctions is to provide BDCs with sufficient foreign exchange to purchase refined petroleum products, helping to maintain stability in the oil import market and improve dollar liquidity in the foreign exchange system.