The Bank of Ghana (BoG) has sold 20 million dollars in forex to Bulk Oil Distributing Companies (BDCs) in a 30-day forward auction that was held on February 26. The fourth twice-montly auction saw 11 BDCs place bids ranging from 15.3850 to 15.5800 with the auction finally been settled at the rate of 15.5582 cedis to the US dollar.

The rate at which the auction was settled is a slight depreciation from the auction held on February 13 where $20 million was cleared at 15.4684. The depreciation will be a little bit of a concern to consumers who have had their eye on prices at the pump.

Ghana’s finance minister, Cassiel Ato Forson, will be presenting the highly-anticipated 2025 Budget on March 11. Analysts will be on the lookout for fiscal data and other developments that could have an impact on the currency and fuel prices ultimately.