- Auctions will take place on six dates between April and June, with each offering $20 million
- Bids will be submitted by authorized foreign exchange dealing banks on behalf of BDCs
- The first auction is scheduled for April 10, 2025
The Bank of Ghana (BoG) is set to auction $120 million to Bulk Oil Distribution Companies (BDCs) in the second quarter of 2025 as part of its broader strategy to ease foreign exchange (FX) demand pressures and stabilize the Ghana Cedi.
Scheduled across six dates from April to June, these auctions are exclusively for BDCs to secure dollars for petroleum imports, which are a significant driver of forex demand in the country.
Each auction will offer $20 million, totaling $120 million for the second quarter. This initiative is a part of the Central Bank’s targeted efforts to manage volatility in the foreign exchange market, particularly in the downstream petroleum sector, where demand for dollars is typically high.
The first auction is set for April 10, with additional auctions on April 29, May 14, May 28, June 12, and June 26.
In a statement, the Central Bank announced, “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.”
Bids are to be submitted by authorized foreign exchange dealing banks on behalf of BDCs during designated hours on each auction day. The results will be announced later in the afternoon.
The Central Bank has emphasized that all authorized dealers must strictly adhere to the auction guidelines available on its website.
