Gold-for-oil: BoG cuts US dollar supply to Bulk Oil Distribution Companies

The Central Bank plans to reduce in its U.S dollar supply to Bulk Oil Distribution Companies (BDCs) operating in Ghana's downstream oil and gas sector.

The development comes on the back of the implementation of government’s Gold-for-policy which it believes is already yielding results, according to President Akufo-Addo.

The Bank of Ghana in its quarterly announcement of forex forward rates auction said it plans to sell about US$120 million in the second quarter of 2023 to authorized foreign exchange dealers and BDCs.

This however represents US$80 million lower than the US$200 million auctioned in the first quarter of 2023.

MA