For the information of all Authorized Foreign Exchange Dealing Banks, the Bank of Ghana (BoG) has announced the FX Forward Auction Calendar for the Bulk Oil Distribution Companies (BDCs) slated for the first quarter of 2023.
In accordance with the BDCs Forex Forward Auction guidelines, bids are invited as per the prescribed format to purchase United States Dollars against Ghana cedis, separately on each auction date and should be submitted via the designated email, [email protected].
BoG furnished all Authorized Foreign Exchange Dealer banks with the FX Forward Auction Calendar, detailing the various auction numbers, proposed dates and proposed amounts.
The schedule provided by the central bank is as follows; the first Auction labelled Auction 0020 is slated for the 12th of January, with a proposed amount of USD40million.
The next auction, labelled Auction 0021, as proposed is also to take place on 30th of January, 2023 and has same proposed amount as the first.
The proposed date for the third auction, Auction 0022 is 14th February,2023 with a proposed amount of USD30million.
The fourth and fifth auctions, Auction 0023 and Auction 0024 as proposed are slated for 24th February and 14th March of this year, 2023 respectively. Both auctions are proposed to trade at same amount as the previous auction, Auction 0022.
The last auction for the first quarter of the year, 2023, Auction 0025 has been proposed for 29th March, 2023 and shall also trade at same auction price as the third, fourth and fifth auctions.
Bids for each auction will be received between 9:30 am and 10:30am on each date of auction and auction results published at 3:00pm on each date, BoG informed.
“The Bulk Oil Distribution Companies (BDCs) Forex Forward Auction will be governed by the guidelines published and available on the Bank of Ghana website.”
BoG
MPC Meetings Update
The Monetary Policy Committee (MPC) of the Bank of Ghana will hold its 110th Regular Meetings from Tuesday, January 24, 2023 to Friday, January 27, 2023 to review developments in the economy.
As part of its developments review, the MPC will extensively discuss Ghana’s high peaked inflation rate which currently stands at 50.3 percent, the highest in 27 years.
The committee will also deliberate on whether to increase, decrease or maintain the prevailing policy rate.
“The meetings will conclude with a press conference on Monday, January 30, 2023 to announce the decision of the Committee.”
BoG
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