The Bank of Ghana (BoG) has sold $20 million to Bulk Oil Distribution Companies (BDCs) at the exchange rate of GH¢15.7311 to US$1. This suggests that the exchange rate had depreciated by 1% since the last auction on July 30 where the BDCs were sold $20 million at GH¢15.5647. The auction provides less than 11% of the monthly forex requirements for fuel imports in the country.

The auction was carried out on August 13 with bids ranging from 15.1 to 15.6 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.

The BoG’s auctions for BDCs have increasingly been held at a rate close to the retail FX rate. The Ghana cedi has depreciated by about 23% in 2024.