In the fourth quarter of 2024, the Bank of Ghana will auction $120 million to bulk oil distribution companies (BDCs). It sold the BDCs this similar amount in the second and third quarters, respectively. As to the Forex Forward Auction Calendar, the BDCs will purchase $40 million every month during the fourth quarter of 2024.

The Central Bank will auction $20 million to each of the BDCs in October 2024. Since there will be two auctions in November 2024—on November 13 and November 27—the same would be done in November 2024. Additionally, it would sell the BDCs $20 million on December 12, 2024, and December 27, 2024.

The Central Bank stated in a notification that each sale will take place on the scheduled date between 9.30 and 10.30 am, with the announcement of the auction taking place at 3 pm. It was determined that the rules posted and accessible on the Bank of Ghana website will regulate the BDCs Forex Forward Auction.

In order to guarantee that the oil importers have sufficient foreign exchange liquidity to buy completed oil products for consumption, US dollars are sold to the BDCs. Additionally, better dollar liquidity on the exchange is anticipated as a result.