Bank of Ghana (BoG) has released the first quarter Forex Forward Auction calendar for the sale of United States dollars to authorized foreign exchange dealing banks, and Bulk Oil Distribution Companies (BDCs).

The central bank intends to auction a total of $120 million in six equal installment within the period, two auctions in each month. The sale of US dollars to the BDCs is to ensure that the oil importers have adequate foreign exchange to purchase finished oil products for consumption. This is also expected to reduce the demand for the forex.

“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 bogforwards@bog.gov.gh

” the bank said in a statement signed by the Secretary to the bank, Sandra Thompson.

It said the timelines for each auction would be as follows: Receipt of bids between 9.30 a.m. and 10.30 a.m. on the date of auction; and announcement of results 3.00 p.m. on the date of auction

“The Bulk Oil Distribution Companies (BDCs) Forex Forward Auction will be governed by the guidelines published and available on the Bank of Ghana website,” the statement added.

Source: GraphicOnline