BoG to sell $120 million to BDCs in third quarter of 2023

The Bank of Ghana is expected to sell $120 million worth of foreign exchange to Bulk Oil Distribution Companies (BDCs) from July to September 2023.

According to the Forex Forward Auction Calendar for the third quarter of 2023, the BoG will auction $40 million to BDCs in July and August.

The dates for the auction in July are July 14, and July 28 where $20 million will be sold on each auction date.

On August 15 and August 30, $40 million will be sold.

In September, $40 million will be sold in two auctions on September 14 and September 29.

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 mailto:bogforwards@bog.gov.gh.

The BoG said the receipts of the auction will be between 9:30 am and 10:30 am on the date with the announcement of the results at 3:00 pm on the auction date.

“The Bulk Oil Distribution Companies (BDCs) Forex Forward Auction will be governed by the guidelines published and available on the Bank of Ghana website,” the BoG has stated.

The Bank of Ghana’s forex support to BDCs has been described by the government as a move to cushion them against the instability of the cedi.

SSD/FNOQ

Watch BizTech and BizHeadlines below