Finance

US$120 million to be auctioned to BDCs in Q2 2024

In the second quarter of 2024, the Bank of Ghana is set to auction $120 million to Bulk Oil Distribution Companies (BDCs), mirroring the amount auctioned in the first quarter of the year.

Per the Forex Forward Auction Calendar, the bank plans to distribute $40 million monthly to the BDCs throughout the quarter, reports say.

Specifically, in April, the Central Bank is scheduled to auction $20 million to the BDCs.

This pattern follows the precedent set in February, with two auctions slated for May 14 and May 29, 2024, respectively.

For May, the auction amount will also be $20 million for each BDC.

In a notice released by the Central Bank, it indicated that auctions will occur between 9:30 am and 10:30 am on the designated dates, with announcements made at 3:00 pm.

The BDC Forex Forward Auction is to be conducted following the guidelines available on the Bank of Ghana’s website.

The purpose of selling US dollars to BDCs is to provide oil importers with sufficient foreign exchange liquidity to procure finished oil products for domestic use, thereby helping to alleviate forex demand pressures.

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. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. 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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