Bulk Oil Distribution Companies (BDCs) purchased greenback worth $20m from the Bank of Ghana at a rate of GHS 11.91/$1 in the Central Bank’s forex forward auction on November 28, 2023.
Eighteen (18) BDCs participated, submitting bids ranging from GHS 11.45 to GHS 11.95 with the Bank of Ghana’s forex forward rate set at GHS 11.91.
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.
This reflects the central bank’s commitment to maintaining fuel price stability amid economic pressures.
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.
Source:norvanreports