The Bank of Ghana (BoG) has sold $20 million to Bulk Oil Distribution Companies (BDCs) at the exchange rate of GH¢15.5647 to US$1. This suggests the cedi losing 0.7% of its value from the last auction on July 10 where the exchange rate was GH¢15.4526.

The auction was carried out on July 30 with bids ranging from 15.1 to 15.55 cedis to the dollar but the central bank sold at a rate higher than the highest bid. The sale is a forward contract that will be settled in 30 days from the auction date.

As of June 2024, total fuel imports amounted to $2.3 billion, averaging $383 million monthly. Notably, the BoG’s auctions only cover about 10.5% of the forex needs for BDCs, with the remainder sourced from the open market. The Ghana cedi has depreciated over 23% against the US dollar in 2024, and ongoing uncertainty related to the upcoming general election is expected to continue exerting pressure on the currency.