The Bank of Ghana (BoG) has announced plans to auction $120 million to Bulk Oil Distribution Companies (BDCs) during the second quarter of 2025, as part of efforts to manage foreign exchange (FX) demand and stabilise the Ghanaian cedi.
The funds will be made available across six scheduled auctions between April and June, with each auction offering $20 million exclusively for BDCs to finance petroleum imports.
According to the auction calendar published by the Central Bank, the first auction is slated for April 10, followed by additional auctions on April 29, May 14, May 28, June 12, and June 26.
Further, these FX forward auctions are part of the BoG’s targeted measures aimed at reducing volatility in the foreign exchange market, particularly in the downstream petroleum sector, where dollar demand tends to spike.
A statement issued by the Central Bank said: “The Bank of Ghana announces for the information of all Authorised Foreign Exchange Dealing Banks, the Bulk Oil Distribution Companies (BDCs) FX Forward Auction Calendar for the second quarter of 2025.”
It said in accordance with the BDCs Forex Forward Auction guidelines, bids are invited as per the prescribed format to purchase United States Dollars against Ghana cedis, separately on each auction date and should be submitted via the dedicated email [email protected].”
However, authorised FX dealing banks are expected to submit bids on behalf of BDCs during designated hours on each auction day. Hence, the results of each auction will be released later the same day.
The BoG also reminded all authorised dealers to strictly follow the auction guidelines, which are available on its official website.
