In the final quarter of 2022, the Bank of Ghana plans to auction $420 million to authorized foreign exchange traders.

This year's third-quarter sales to authorized dealers were $270 million less than the sale, which is a component of the central bank's Foreign Exchange Forward Auction.

The auction schedule also stated that each item would be sold for $120 million in October 2022, November 2022, and December 2022, correspondingly.

However, it was noted that just $60 million would be up for auction in September 2022 to licensed foreign exchange traders.

The auction calendar further said there will be a bi-monthly sale of $60 million each in October 2022, November 2022 and December 2022 respectively.

It is expected that the improved auction sale will boost US dollar supply in circulation and address the depreciation of Ghana cedi against major trading currencies, especially the US Dollar.

Meanwhile, the BoG said in accordance with the Foreign Exchange Forward Auction Guidelines, bids are invited as per the prescribed format to purchase United States dollars against Ghana cedis, separately on each auction date.

The central bank announced that it will also post a quarterly auction schedule for the foreign exchange forward auction on its website.

The Competitive Multiple-priced Foreign Exchange Forward Auction will follow the standards published on the Bank of Ghana website for central banks.