BoG set to auction $420 million to authorised FX dealers in Q4 2022

BoG set to auction $420 million to authorised FX dealers in Q4 2022

The Bank of Ghana is set to auction a total sum of $420 million to authorised forex dealers in the last quarter of 2022.

File photo of US dollars

The sale, which forms part of the central bank’s Foreign Exchange Forward Auction is $270 million more than the amount sold to authorised dealers in the third quarter of this year.

Further details contained in the auction calendar said $120 million each will be sold in October 2022, November 2022 and December 2022 respectively.

It however added that in September 2022, a sum of only $60 million will be auctioned to authorised forex dealers.

The auction calendar further said there will be a bi-monthly sale of $60 million each in October 2022, November 2022 and December 2022 respectively.

It is expected that the improved auction sale will boost US dollar supply in circulation and address the depreciation of Ghana cedi against major trading currencies, especially the US Dollar.

Meanwhile, the BoG said in accordance with the Foreign Exchange Forward Auction Guidelines, bids are invited as per the prescribed format to purchase United States dollars against Ghana cedis, separately on each auction date.

The central bank said it will also publish an auction calendar for the Foreign Exchange Forward Auction on a quarterly basis on its website.

For the Competitive Multiple-priced Foreign Exchange Forward Auction, the sale will be governed by central banks’ guidelines which would publish on the Bank of Ghana website.

BoG set to auction $420 million to authorised FX dealers in Q4 2022
BoG set to auction $420 million to authorised FX dealers in Q4 2022

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