The Central Bank will undertake its first forex auction of $40m to Bulk Oil Distribution Companies (BDCs) on Thursday, January 12, 2023.
A second forex auction to BDCs worth $40m is anticipated to take place on January 30, 2023.
Following the second forex auction, are the third, fourth, fifth and sixth auctions scheduled for February 14, February 24, March 14 and March 29 respectively with each auction worth $30m.
Some $200 million dollars is projected to be sold out to BDCs by the Bank of Ghana in the first quarter of 2023.
This is per the Central Bank’s first-quarter Auction Target Calendar for Multiple-Price Foreign Exchange Forward Auction.
According to the Bank of Ghana, the said amount is going to be sold at the Foreign Exchange Forward Auction in accordance with its auction guidelines.
Compared to the $420m auctioned in the fourth quarter of 2022, the Central Bank’s decision to auction $200m for the first quarter indicates a decrease of some $220m in its forex forward auction to BDCs.
The Bank of Ghana, in the publication of the forex auction calendar, has called for the invitation of bids by BDCs as per the prescribed format to purchase the US dollars against the cedis separately on each auction date.
Per the auction calendar, forex forward auctions amounting to $40m and $30m will be auctioned on each auction date from January 12, 2023, to March 29, 2023.
Receipts of bids will be made from 9:30am to 10:30am on each auction day with the announcement of the auction results made at 3pm on each auction date.