Bank of Ghana Allocates $20 Million to BDCs in Forex Forward Auction

The Bank of Ghana (BoG provided $20 million to Bulk Oil Distribution Companies (BDCs) at an exchange rate of GHS 15.79 per US dollar through a forex forward auction on September 25, 2024.

The intervention, part of a $120 million package for Q3 2024, aims to stabilize fuel prices amid global oil price volatility and ensure a steady foreign exchange supply.

By releasing $20 million every two weeks, the BoG seeks to maintain exchange rate stability, mitigate currency pressures, and support macroeconomic stability in Ghana's downstream oil sector.

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