BDCs secure $20m at GHS 15.31 per USD in BoG auction
Bulk Oil Distribution Companies (BDCs) on Thursday, June 27, 2024, secured $20 million from the Bank of Ghana (BoG) via a forex forward auction, locking in a rate of GHS 15.31 per US dollar.
The auction attracted nine BDCs, with bids made by the BDCs ranging from GHS 14.80 to GHS 15.20.
The forex auction by the Central Bank underscores the Bank’s strategic intervention to ensure foreign exchange availability in the downstream sector for fuel imports.
The BoG’s forex auction aims to anchor fuel prices at retail pumps amid the volatility of global oil prices.
By facilitating this substantial injection of foreign currency into the downstream sector, the BoG not only bolsters the oil distribution industry but also contributes to broader economic stability.
These measures are crucial in mitigating fuel price volatility, thereby fostering consumer confidence and reinforcing economic resilience.