The Bank of Ghana (BoG) has announced a move to bolster fuel supply stability in Ghana through a series of foreign exchange (forex) auctions targeting Bulk Oil Distribution Companies (BDCs).
This initiative, aimed at mitigating potential supply disruptions and price hikes, will see the BoG auction a total of $120 million to BDCs in the first quarter (Q1) of 2025.
According to the central bank, the planned auctions will be conducted bi-weekly throughout Q1 2025, with six auctions scheduled to release $20 million each.
The move aims to provide BDCs with predictable access to foreign currency, specifically US Dollars, which they require to import refined petroleum products.