The Bank of Ghana has announced plans to auction $120 million to Bulk Oil Distribution Companies (BDCs) in the first quarter of 2024.
According to the Forex Forward Auction Calendar, $40 million will be sold to BDCs each month during this period.
In January 2024, the Central Bank will conduct auctions on January 11 and January 30, with each auction offering $20 million to the BDCs.
Similarly, two auctions will be held in February 2024 on February 14 and February 28, each offering $20 million. In March 2024, auctions are scheduled for March 14 and March 28, also providing $20 million each.
The Bank of Ghana specified that the timelines for each auction would be between 9:30 am and 10:30 am on the date of the auction, with the auction announcement at 3:00 pm on the same day.
The BDCs Forex Forward Auction will be governed by guidelines available on the Bank of Ghana website.
This initiative aims to ensure that oil importers have sufficient foreign exchange to purchase finished oil products for consumption, ultimately reducing the demand for forex.