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 enhance fuel supply stability in the country and address foreign exchange demand pressures.
The BoG has released a comprehensive foreign exchange forward auction calendar outlining six biweekly auctions, each allocating $20 million. The auctions are scheduled for January 14, January 29, February 12, February 26, March 12, and March 26, adhering to established guidelines to ensure transparency and efficiency in the foreign exchange market.
In a statement, the central bank emphasized the importance of the initiative: “The Bank of Ghana announces for the information of all Authorized Foreign Exchange Dealing Banks, the Bulk Oil Distribution Companies (BDCs) FX forward Auction Calendar for the first quarter of 2025.”
Bids for each auction must follow a prescribed format and be submitted via a dedicated email address (bogforwards@bog.gov.gh). The results will be announced on the same day, ensuring timely communication with stakeholders.
This strategic measure by the BoG is part of its broader efforts to stabilize the Ghanaian cedi and support the downstream petroleum sector. Reliable access to foreign currency will empower BDCs to import refined petroleum products, helping to mitigate supply disruptions and stabilize fuel prices for consumers.
Market participants, including authorized foreign exchange dealing banks and BDCs, have welcomed the development, which underscores the BoG’s commitment to macroeconomic stability and collaboration with industry players. This move is expected to fortify Ghana’s ability to navigate challenges in the global energy market while safeguarding consumer interests.
