BoG to Auction $120 Million to Bulk Oil Distributors in Q2 2025
Accra, Ghana - 07 April, 2025 - The Bank of Ghana is set to auction $120 million to Bulk Oil Distribution Companies in the second quarter of 2025, aiming to ease foreign exchange demand pressures and support the stability of the Ghana Cedi.
This move is part of the central bank's efforts to manage volatility in the foreign exchange market, particularly in the downstream petroleum sector where dollar demand is typically high.
According to a statement, the auction will take place on six dates from April to June, with $20 million offered at each auction. The Bank of Ghana has published an auction calendar, with the first auction scheduled for April 10 and subsequent auctions on April 29, May 14, May 28, June 12, and June 26.
The central bank has urged authorized dealers to adhere strictly to the auction guidelines, available on its website. Bids must be submitted by authorized foreign exchange dealing banks on behalf of Bulk Oil Distribution Companies during designated hours on each auction day. The results of each auction will be announced later in the afternoon.
“The Bank of Ghana announces for the information of all Authorised Foreign Exchange Dealing Banks, the Bulk Oil Distribution Companies (BDCs) FX forward Auction Calendar for the second quarter of 2025.
''In accordance with the BDCs Forex Forward Auction guidelines, bids are invited as per the prescribed format to purchase United States Dollars against Ghana cedis, separately on each auction date and should be submitted via the dedicated email [email protected],” part of a statement issued the Central Bank read.
This auction forms part of the Bank of Ghana's targeted interventions to manage foreign exchange market volatility. By supporting Bulk Oil Distribution Companies in securing dollars for petroleum imports, the central bank aims to stabilize the Ghana Cedi and mitigate the impact of forex market fluctuations on the economy.
Source: Lead News Online
