The Central Bank has achieved its $20 million forex forward auction target in the latest forex forward auction to Bulk Oil Distribution Companies (BDCs) in the country.
Eighteen (18) BDCs participated, submitting bids ranging from GHS 11.40 to GHS 11.82 with the Bank of Ghana’s forex forward rate set at GHS 11.68.
The forex forward auctions by the BoG aim to reduce uncertainty surrounding forex availability, particularly in the downstream sector’s pricing window for imported fuel.
The success of the auction is expected to stabilize fuel prices at the pumps, addressing consumer concerns.
Meanwhile, the Bank of Ghana has allocated some $120 million for forex auctions in the fourth quarter to support BDCs with fuel imports.
These measures are part of broader efforts by the Bank of Ghana to ensure a stable forex market and price stability.
The Bank of Ghana’s proactive approach in facilitating these auctions underscores its commitment to fostering a favorable business environment, enabling a more seamless flow of international trade and investment.
As the BDCs eagerly await the upcoming auctions, market participants anticipate an enhanced level of liquidity and increased stability within the foreign exchange market.