Audio By Carbonatix
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.
Latest Stories
-
Ofori-Atta saga: Red Notice ends after arrest – OSP official clarifies
24 minutes -
Health Minister to chair probe into ‘No Bed Syndrome’ death; promises system overhaul
1 hour -
Prime Insight to tackle ‘galamsey tax’ debate, cocoa reforms and Ayawaso East fallout this Saturday
1 hour -
Cocoa crisis, galamsey complicity and election credibility to dominate this Saturday’s Newsfile
2 hours -
INTERPOL deletes Red Notice for Ofori-Atta as extradition process continues — OSP confirms
3 hours -
MasterMinds resources positions itself as key player in skills development and workforce training
4 hours -
INTERPOL has deleted Ofori-Atta’s Red Notice – Lawyers
4 hours -
Steven Spielberg donates $25,000 to James Van Der Beek’s $2m GoFundMe
5 hours -
Six possible effects of Trump’s climate policy change
5 hours -
Booming Indicators, Dying Rivers: Ghana under Chronic Environmental Poisoning
5 hours -
World’s rules-based order ‘no longer exists’, Germany’s Merz warns
5 hours -
The Accra Mandate: Securing Africa’s AI Future through Local Data and Ethical Governance
6 hours -
Aquafresh donates to National Chief Imam ahead of Ramadan
6 hours -
Adopt a mix of bond and short-term finance to address financing challenges in cocoa industry – Professor Peprah to government
6 hours -
NSA introduces dual authentication system for 2025/26 enrolment exercise
7 hours