The Bank of Ghana (BoG) has sold 20 million dollars in forex to Bulk Oil Distributing Companies (BDCs) in a 30-day forward auction that was held on March 12. The fifth twice-montly auction saw 11 BDCs place bids ranging from 15.4000 to 15.5800 with the auction finally been settled at the rate of 15.5543 cedis to the US dollar.
The rate is only slightly changed from the 15.5582 at which the auction was carried out on February 26. These auctions provide about 10-12% ofthe total forex required by BDCs to import fuel each month. The rest is sought from the open market.
Fuel consumption for January 2025 saw a significant increase with diesel seeing a 32% increase over January 2024 volumes and petrol recording a 28% increase. LPG on the other hand saw a slight decline of 1.46% in volume.
Source: Ceditalk