The Bank of Ghana (BoG) has sold 20 million US dollars in forex to Bulk Oil Distributing Companies (BDCs) in a 30-day forward auction that was held on April 10.
The auction, the first for the second quarter of the year, saw 10 BDCs place bids ranging from 15.4000 to 15.5700 with the auction finally been settled at the rate of 15.5573 cedis to the US dollar.
The rate is only slightly depreciated from the 15.5543 rate witnessed in the previous auction on March 26. The auctions supplement the forex needs of BDCs who import fuel to supply the domestic market. Latest economic data shows that Ghana imported $919.3 million of fuel in the first two months of the year.
The BoG has planned a total amount of $120 million to be auctioned in the second quarter of the year.
