Total bids outstripped sale of US dollar auctioning by $82 million on 26th July 2022, the Bank of Ghana (BoG) has revealed.

According to the Central Bank, total bids submitted by dealers or the banks were $107 million, as against $25 million of the amount accepted.

This indicates why the cedi has come under severe pressure in recent days, losing ground against the American ‘greenback’. The demand for the American currency has been very high.

$51.25 million of the 7-day tenor was the highest bid by the dealers, followed by $28.75 million for the 15-day tenor.

The 30-day tenor received bids worth $19.75 million, whilst the 45-day tenor received bids of $4 million.

The rates for the 7-day tenor were priced within the range of ¢8.09 and ¢8.20. That of the 15-day were within the range of ¢8.14 and ¢8.25.

Overall, 150 bids were submitted by the dealers, but 34 of the bids were accepted.