The Bank of Ghana will auction $120 million to Bulk Oil Distribution Companies (BDCs) in the first quarter of 2024.

According to its Forex Forward Auction Calendar, $40 million will be sold to the BDCs in each month of quarter one, 2024.

In January 2024, the Central Bank will auction $20 million each to the BDCs on January 11, 2024 and January 30, 2024.

The same could be said about February 2024, as two auctions will take place on February 14, 2024, and February 28, 2024.

In March 2023, the Central Bank will sell $20 million each on March 14, 2024, and March 28, 2024.

It mentioned in a notice that that the timelines for each auction would be between 9.30am and 10.30am on the date of auction, whilst the announcement of the auction will be done at 3.00pm on the auction.

It concluded that the BDCs Forex Forward Auction will be governed by the guidelines published and available on the Bank of Ghana website.

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.