Bulk Oil Distribution Companies (BDCs) in the country bought a dollar from the Central Bank at GHS 10.79 pesewas in a forward forex auction held by the Central Bank.
Compared to the GHS 10.17 per dollar sold to BDCs in the previous forward forex auction, the GHS 10.79 to $1 reflects the continuous depreciation of the local currency which continues to have dire repercussions for the economy.
Currently, the cedi has depreciated by 40% to the dollar.
In the forward forex auction held on Tuesday, October 11, the Central Bank made available, some $60m in foreign exchange to BDCs for fuel imports.
The 30-day tenor forex auction by the BoG was subscribed by 28 BDCs who through their banks submitted bids ranging from GHS 9.86 to GHS 10.50.
The forward auction by the Central Bank, is intended to minimise the uncertainty of the future availability of forex and aid price discovery especially for the general pricing window within the downstream sector.
Meanwhile, the Central Bank has set aside some $420m to be auctioned to BDCs to support their imports of fuel for the fourth quarter of 2022.