The Bank of Ghana (BoG) has auctioned $20 million in forex to Bulk Oil Distribution Companies (BDCs) at an exchange rate of GH¢14.8133 to US$1. The auction came off on December 13 and the trade will be settled in 30 days. The exchange rate of GH¢14.8133 signals an appreciation of the Ghana Cedi from the previous auction at which $20 million sold for GH¢15.5388.

The six bids recorded ranged from 14.2000 to 14.5500 but the BoG sold higher than the highest bid. Nevertheless, the rate sold is significantly lower than has been recorded in recent bids.

Ghana imports about $360 million of fuel every month and the BoG’s auctions only provide $40 million with the rest being secured on the open market. The cedi has depreciated by 19% in 2024 and scheduled external debt payments will continue to weigh down on the currency.