The Bank of Ghana has disbursed $20 million to six Bulk Oil Distribution Companies (BDCs) through a foreign exchange forward auction. The auction, conducted at a fixed exchange rate of 14 Cedis 81 pesewas per US dollar, saw bid rates ranging between 14 Cedis 20 Pesewas and 14 Cedis 55 Pesewas.
This intervention is part of the central bank’s strategy to ensure a consistent foreign exchange supply to the downstream petroleum sector, amid global oil price volatility. The allocation is part of a $120 million package for Quarter 4 of 2024, with $20 million released every two weeks to sustain forex availability for oil imports.
The initiative aims to stabilize retail fuel prices and cushion the sector against currency fluctuations. Market stakeholders are closely monitoring the impact of these bi-weekly auctions on forex liquidity and fuel price stability.
Ruth Abla ADJORLOLO
