Finance

BoG plans to sell $200 million to BDCs in FX auction for Q1 2023

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The Bank of Ghana plans to sell about $200 million to Bulk Oil Distribution Companies (BDCs) in the first quarter of 2023.

The intended sale is according to the auction calendar of the Central Bank and will take place under the Forex Forward Auctions.

The amount of $220 million, is however lower than that which was sold in the last quarter of 2022 where the Central Bank sold a total of $420 million to BDCs through commercial banks within the period.

Although it remains unclear whether the intended $200 million sale would be sufficient to sustain the FX needs of BDCs in the country, the BoG plans to sell $80 million in January 2023.

This will be followed by an amount of $60 million each sold to BDCs also taking placing take in February 2023 and March 2023 respectively.

Meanwhile, the BoG auction calendar notes that there will be a bi-monthly sale of $40 million in January 2023 and a bi-monthly sale of $30 million in February 2023 and March 2023 respectively.

The BoG has also extended an invitation for bids due to the prescribed format to purchase the US dollars against the cedi notes separately on each auction date.

This auction of the American ‘greenback’ will also take place from January 12, 2023, to March 29, 2023.


“Receipts of bids will be made from 9:30 am to 10:30 am on each auction day with the announcement of the auction results made at 3pm on each auction date,” the BoG noted.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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