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The Bank of Ghana (BoG) has announced plans to auction $120 million to Bulk Oil Distribution Companies (BDCs) during the first quarter of 2025. This initiative aims to ensure fuel supply stability and address foreign exchange demand pressures in the petroleum sector.
The Central Bank has released a foreign exchange forward auction calendar, scheduling six biweekly auctions of $20 million each from January to March 2025. The auction dates are January 14, January 29, February 12, February 26, March 12, and March 26.
The auctions will be conducted under BoG’s established guidelines to promote transparency and efficiency in the foreign exchange market. Market participants, including authorized foreign exchange dealing banks and BDCs, have been instructed to submit their bids via a dedicated email channel, with results announced on the same day.
The initiative is part of BoG’s strategy to stabilize the Ghanaian cedi, enhance foreign exchange access for BDCs, and mitigate supply disruptions in the downstream petroleum sector. By ensuring a steady supply of refined petroleum products, the auctions are expected to contribute to price stability for consumers.
In a statement, BoG emphasized its commitment to macroeconomic stability, stating:
“The Bank of Ghana announces for the information of all Authorised Foreign Exchange Dealing Banks and the Bulk Oil Distribution Companies (BDCs) FX forward Auction Calendar for the first quarter of 2025. Bids are invited as per the prescribed format to purchase United States Dollars against Ghana cedis.”
