Bulk Oil Distribution Companies (BDCs) last Wednesday, September 11, secured $20 million from the Bank of Ghana (BoG) through a forex forward auction at a locked exchange rate of GHS 15.66 per US dollar.
The auction attracted bids from 10 BDCs, ranging between GHS 15.20 and GHS 15.65, as part of the central bank’s ongoing efforts to ensure foreign exchange availability for the downstream oil sector.
This intervention is designed to stabilize fuel prices at the retail level amid fluctuating global oil prices.
By injecting significant foreign currency into the oil distribution sector, the BoG aims to support the industry while contributing to broader economic stability.
The forward forex auction forms part of the BoG’s liquidity-enhancing strategy, with $120 million earmarked for BDCs in Q3 2024.
Of this total, $20 million is made available every two weeks, reinforcing the central bank’s commitment to maintaining exchange rate stability and mitigating volatility in fuel prices.
