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The Bank of Ghana (BoG) will auction $120 million to Bulk Oil Distribution Companies (BDCs) between April and June 2025 to support petroleum imports and stabilize the foreign exchange market.
In a statement released today, the central bank announced six scheduled auctions offering $20 million each on the following dates: April 10 and 29, May 14 and 28 and June 12 and 26
The intervention specifically targets BDCs to help meet the high dollar demand in Ghana’s downstream petroleum sector, which accounts for significant forex market pressure.
Authorized foreign exchange dealing banks must submit bids on behalf of BDCs via the dedicated email bogforwards@bog.gov.gh during specified hours on each auction date. Results will be announced the same afternoon.
“The auctions form part of targeted interventions to manage volatility in the foreign exchange market,” the BoG statement read, emphasizing strict adherence to published guidelines available on its website.
This quarterly auction follows similar interventions in Q1 2025, as the central bank continues efforts to stabilize the cedi amid global economic uncertainties. The energy sector remains Ghana’s largest consumer of foreign exchange, with petroleum imports typically accounting for 20-25% of total import bills.
The BoG maintains these auctions complement broader monetary policies to ensure exchange rate stability while meeting critical sectoral dollar needs.
Source:NKONKONSA.com
