The Bank of Ghana (BoG) is poised to inject $120 million into the market through an auction for Bulk Oil Distribution Companies (BDCs) in the fourth quarter of 2024.

This move, consistent with allocations in the past two quarters, reaffirms the central bank’s commitment to stabilising forex supply and supporting the fuel industry amid global economic pressures.

Per the Bank’s Forex Forward Auction Calendar, $40 million will be offered each month throughout Q4. In October 2024, the Central Bank will auction $20 million in two separate tranches to the BDCs.

Similarly, two auctions scheduled for November 13 and November 27 will also offer $20 million each to the oil distributors. The final two auctions will take place on December 12 and December 27, with the same amount up for bid.

The Bank of Ghana stated that auction windows will open between 9:30 a.m. and 10:30 a.m. on each auction date, with results to be announced by 3:00 p.m.

Foreign exchange auctions aim to ensure sufficient liquidity for oil importers, enabling them to secure the necessary foreign currency to purchase refined petroleum products. This initiative is also expected to bolster dollar availability in the broader forex market.

All auction guidelines will be posted on the Bank of Ghana’s official website.