BoG announces $120m forex forward auction for Bulk Oil Distribution Companies in Q3 2023

The Bank of Ghana has released its eagerly anticipated Forex Forward Auction Calendar for the third quarter of 2023, catering specifically to Bulk Oil Distribution Companies (BDCs). In a bid to enhance liquidity and facilitate smoother foreign exchange operations, a substantial amount of $120 million will be made available to the BDCs through the FX Forward Auction.

As per the guidelines outlined by the Bank of Ghana, interested parties are invited to submit bids in the prescribed format for the purchase of United States Dollars against Ghana cedis. Each auction date will have its distinct bidding timeline, commencing promptly between 9.30am and 10.30am.

Emphasizing transparency and adherence to protocol, the Bank of Ghana has established that the results of each auction will be promptly announced at 3.00pm on the respective auction date. This meticulous approach aims to provide clarity and certainty to all stakeholders involved in the Forex Forward Auction.

To participate in the Bulk Oil Distribution Companies Forex Forward Auction, firms must adhere to the guidelines available on the Bank of Ghana’s official website. By following the prescribed procedures, companies can seize the opportunity to acquire the much-needed United States Dollars, thereby facilitating smoother operations within the oil distribution sector.

This latest move by the Bank of Ghana demonstrates its commitment to promoting a robust and efficient foreign exchange market. By ensuring that BDCs have access to a significant pool of foreign currency, the central bank aims to support the growth and stability of the oil distribution industry, ultimately contributing to the broader economy.

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.

Source: Norvanreports