The Bank of Ghana (BoG) has sold a total of 20 million dollars in forex to Bulk Oil Distributing Companies (BDCs) at the rate of 15.4684. The sale, which was held on February 13, is a forward contract that will be settled in 30 days. The auction saw 13 bids submitted in the range of 15.3000 to 15.4900.
The rate of 15.4684 suggests a slight appreciation from the last auction on January 29 where BDCs sourced the dollar at 14.4725. Consumers will be hoping that the marginally improved rate would stabilize fuel prices after prices jumped at the pumps in the past two weeks.
Ghana’s BDCs rely on the central bank’s auctions for about 12% of their total forex needs for the importation of fuel. A total of $3.9 billion worth of fuel was imported in 2024.
In other news, Ghana’s finance minister, Cassiel Ato Forson has announced March 10 for the reading of the substantive 2025 budget. Analysts will be keeping an eye on fiscal and monetary developments that could have an impact on the currency and ultimately fuel prices.
