24th December 2024 4:26:05 PM
2 mins readThe Bank of Ghana (BoG) is set to conduct a foreign exchange auction of $120 million for Bulk Oil Distribution Companies (BDCs) in the first quarter of 2025, aimed at stabilizing the country’s fuel supply.
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To facilitate this, the central bank has released a detailed auction schedule. The auction series will consist of six sessions, each offering $20 million, and will take place biweekly from January to March 2025.
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The first auction is scheduled for January 14, with additional auctions on January 29, February 12, February 26, March 12, and March 26.
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These auctions will be governed by the BoG's established guidelines to ensure transparency and efficiency in the process.
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This initiative forms part of the BoG’s broader strategy to address foreign exchange demand pressures and stabilize the cedi, particularly within the downstream petroleum sector.
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In a press statement, the Bank of Ghana (BoG) emphasized that by providing Bulk Oil Distribution Companies (BDCs) with consistent access to foreign currency, the auctions are expected to facilitate the smooth importation of refined petroleum products, reduce supply disruptions, and promote price stability within the sector.
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“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 first quarter of 2025.
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“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,” it added.
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Participants in the market, including authorized foreign exchange dealing banks and Bulk Oil Distribution Companies (BDCs), are required to submit their bids through the specified channels within the allotted timeframes. The outcomes of each auction will be disclosed on the same day, ensuring quick and clear communication with all relevant parties.
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