The Bank of Ghana (BoG) has sold $20 million to Bulk Oil Distribution Companies (BDCs) at the exchange rate of GH¢16.2094 to US$1in its latest auction, held on November 13, 2024. This marks an appreciation of 1.1% compared to the previous auction conducted on October 29, where the exchange rate was GH16.3933. The auction is a forward contract that will be settled in 30 days.
Despite the cedi being down 26% in 2024, it has gained about 2% in November in part due to an increased rate of intervention by the central bank. However, the improved USD liquidity on the market is unlikely to significantly impact the currency in the long-term due to outstanding foreign debt payments that are due from 2025.
Fuel imports average $360 million per month and has been a major contributor to the pressure on the Ghana cedi. The BoG’s twice-monthly auction provides only $40 million of the demand by BDCs with the rest sought out in the retail market.
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…
The Bank of Ghana (BoG) has sold $20 million to Bulk Oil Distribution Companies (BDCs) at the exchange rate of GH¢15.6062 to US$1. This suggests that the exchange rate has appreciated by 0.8% since the last auction on August 13 where the BDCs were sold $20 million at GH¢15.7311. The…
The Bank of Ghana (BoG) has sold $20 million to Bulk Oil Distribution Companies (BDCs) at the exchange rate of GH¢15.6631 to US$1 in its latest auction. This marks a depreciation of 0.36% compared to the previous auction held on August 28, where the exchange rate was GH¢15.6062. The forward…
