Bank of Ghana to Auction $120 Million to BDCs in Q2 of 2025 to Ease Forex Pressure

The Bank of Ghana (BoG) has announced plans to auction a total of $120 million to Bulk Oil Distribution Companies (BDCs) in the second quarter of 2025. This initiative aims to alleviate foreign exchange (FX) demand pressures and stabilize the Ghanaian Cedi. The auction process will take place across six dates from April to June, with each auction offering $20 million to support petroleum imports, a significant driver of forex demand in the country.

The auctions are part of the Bank of Ghana’s broader strategy to manage currency volatility, particularly within the downstream petroleum sector where dollar demand remains consistently high. The first auction is scheduled for April 10, followed by auctions on April 29, May 14, May 28, June 12, and June 26. These dates are designed to provide targeted foreign currency support to BDCs for their import activities.

Bids for the foreign currency will be submitted by authorized foreign exchange dealing banks on behalf of BDCs. The auction results will be made public in the afternoon of each auction day. The Bank of Ghana has emphasized that all participants must comply with the auction guidelines, which are available on the Central Bank’s website.

This move highlights the Bank of Ghana’s ongoing efforts to stabilize the foreign exchange market and ensure the availability of dollars for essential imports, crucial to supporting economic stability in the country.

Source: citi newsroom