Bank of Ghana (BoG) plans to auction $120 million to Bulk Oil Distribution Companies (BDCs) in the second quarter of 2025 as part of efforts to ease the pressure on foreign exchange demand and stabilize the Ghana Cedi.

The auctions will take place on six dates between April and June and are exclusively for BDCs to obtain dollars for importing petroleum, which is a major factor driving forex demand in the country.

Each auction will offer $20 million, totaling $120 million for the second quarter.

These auctions are part of the Central Bank’s strategy to reduce volatility in the foreign exchange market, particularly in the petroleum sector, where there is typically high demand for dollars.

The first auction is scheduled for April 10, with additional auctions on April 29, May 14, May 28, June 12, and June 26.

“The Bank of Ghana announces for the information of all Authorised Foreign Exchange Dealing Banks, the Bulk Oil Distribution Companies (BDCs) FX forward Auction Calendar for the second quarter of 2025. In accordance with the BDCs Forex Forward Auction guidelines, bids are invited as per the prescribed format to purchase United States Dollars against Ghana cedis, separately on each auction date and should be submitted via the dedicated email bogforwards@bog.gov.gh,” part of a statement issued the Central Bank read.

Bids for the auctions must be submitted by authorized foreign exchange dealing banks on behalf of the BDCs during the specified hours on each auction day. The results will be announced later in the afternoon.

The Bank of Ghana has reminded all authorized dealers to carefully follow the auction guidelines, which can be found on its website.