The Bank of Ghana (BoG) has released $20 million into the foreign exchange market to support eleven Bulk Oil Distribution Companies (BDCs) as part of its latest forward forex auction.
This strategic move is designed to stabilise the cedi and maintain price stability in the petroleum downstream sector.
The auction, held on Tuesday, April 29, was executed at a fixed exchange rate of GHS 14.28 to the US dollar. Bids submitted by participating BDCs ranged from GHS 13.85 to GHS 15.55, reflecting market demand and expectations.
This intervention is part of a broader $120 million programme for the second quarter of 2025, which sees the central bank distributing funds on a biweekly basis to qualifying BDCs. By directly supplying foreign currency to these companies, the BoG aims to reduce pressure on the interbank market, ensure a steady supply of petroleum products, and minimise the impact of currency volatility on fuel prices.
The central bank’s action highlights its ongoing commitment to macroeconomic stability, with targeted support to critical sectors like petroleum helping to shield the economy from external shocks and sustain public confidence.
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