• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, June 17, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

BoG Forex Forward Auction Oversubscribed by 379%

July 28, 2021
Stephen M.Cby Stephen M.C
in Securities/Markets
0
BoG Forex Forward Auction Oversubscribed by 379%

Bank of Ghana (BoG) forex forward auction has been hugely Oversubscribed by 379% . Meanwhile, it has rejected over Sixty million dollars ($60 million) of bids submitted in its recent Forex Forward Auction on July 27, 2021. In a statement released by the Bank of Ghana, the BoG got more bids than the amount offered during its Forex Forward Auction.

According to the BoG summary report, banks submitted a total of 128 bids and out of which only 34 bids were accepted by BoG. According to the results of Forex Forward Rates Auction, a whooping total of $94,750,000.00 worth of bids were submitted by the banks as against the stipulated target of $25 million by the BoG.

Details of the Transaction

RelatedPosts

MTN Ghana Powers Market Momentum as GSE Turnover Skyrockets 149%

Bull Run Ignites GSE as Seven Stocks Soar with Zero Losers!

Gov’t Tightens Grip on Rates, Sacrifices GH¢1bn in Bids as T-Bill Auction Misses Mark

As a result, only US$25 million worth of the bids were accepted. In keeping with the stipulated target, the BoG however, rejected $69,750,000 worth of bids submitted.

More so, the result also shows that the 7-Day tenor had the highest number of bids submitted by banks, recording a total of 63 bids, bringing in approximately 48 percent of total bids submitted by the banks.

In addition, detailing the number of bids banks submitted for each of the tenors, the report reveals that except for the 15-Day tenor which came close to the 7-Day tenor by recording 41 bids, all the other Tenors recorded low levels of bids submitted.

The report further asserted that even though the banks submitted up to 63 bids for the 7-day tenor, the Bank of Ghana accepted only 16 of the bids submitted amounting to $12,750,000.00

In a similar vein, only a fraction of the bids submitted for the 15-Day tenor was accepted, with only 12 bids being accepted out of the total of 41 bids submitted. The value for the amount accepted totals $8,750,000

Also, 5 bids got accepted out of the 17 that bids for the 30-Day tenor. Whiles, the 45-Day and 60-Day tenors also recorded very low levels of 4 bids and 2 bids respectively. However, the 75- Day tenor recorded just one bid that got rejected by BoG.

Furthermore, the bid’s cover ratio lingers around 3.79×. This means that the worth of total bids submitted made up 3.79 times the stipulated target set by the Bank of Ghana which is an indication of a weak demand compared to the last time’s forex auction where the ratio hovered around 3.43 times

The Rate of the Bid

Meanwhile, the result further disclosed that the bids were accepted at different rates. The 15-Day tenor logged in the highest minimum rate of 5.8625 percent. The 7-Day tenor on the other hand recorded the highest maximum rate of 5.9200. The remaining tenors also recorded a similar but marginally smaller range of rates. Meanwhile, the 60- day and 75-day tenors also had 5.8450 and 5.8350 minimum rates submitted respectively.

It can be recalled that the Bank of Ghana introduced the Forex Forward Auction initiative in October, 2019 to create more certainty for clients for future forex needs and also to alleviate unnecessary pressure on the foreign exchange market. Also, according to the Bank of Ghana, one of the reasons for introducing this initiative is to help businesses that need forex for transactions better plan.

READ ALSO: Blue Chip Stocks Traded Flat as Activity Dips to begin the Week

Tags: Bank of GhanaForex Forward AuctionTenor
Please login to join discussion
Previous Post

Lydia Forson slams Lawyer Foh-Amoaning for comments on LGBTQ+

Next Post

We look forward to making sure assemblies perform better- Volta Regional Minister

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

power theft at Rehoboth
General News

Rehoboth Chastised Over Massive Power Theft

June 17, 2025
Epixode Debunks Creativity-Enhancing Use of Drugs
Entertainment

Artists Called on To Improve Their Live-Performance Skills

June 17, 2025
Kasoa Fire Contained by GNFS, Not Civilians, Says Service, Fire, GNFS
General News

Kasoa Fire Contained by GNFS, Not Civilians, Says Service

June 17, 2025
Trump’s Early Exit From G7 Summit Sparks Israel-Iran Ceasefire Speculations
Asia

Trump’s Early Exit From G7 Summit Sparks Israel-Iran Ceasefire Speculations

June 17, 2025
Mali Seizes Control Of Barrick Gold Mine
Africa

Mali Seizes Control of Barrick Gold Mine

June 17, 2025
Hon. Dr Cassiel Ato Forson, Ghana’s Minister for Finance,
Economy

Fitch Upgrades Ghana to Stable ‘B’- Signalling Strong Recovery

June 17, 2025
power theft at Rehoboth
General News

Rehoboth Chastised Over Massive Power Theft

by Lilian AhedorJune 17, 2025
Epixode Debunks Creativity-Enhancing Use of Drugs
Entertainment

Artists Called on To Improve Their Live-Performance Skills

by Esther Korantemaa OffeiJune 17, 2025
Kasoa Fire Contained by GNFS, Not Civilians, Says Service, Fire, GNFS
General News

Kasoa Fire Contained by GNFS, Not Civilians, Says Service

by Silas Kafui AssemJune 17, 2025
Trump’s Early Exit From G7 Summit Sparks Israel-Iran Ceasefire Speculations
Asia

Trump’s Early Exit From G7 Summit Sparks Israel-Iran Ceasefire Speculations

by Comfort AmpomaaJune 17, 2025
Mali Seizes Control Of Barrick Gold Mine
Africa

Mali Seizes Control of Barrick Gold Mine

by Lawrence AnkutseJune 17, 2025
Hon. Dr Cassiel Ato Forson, Ghana’s Minister for Finance,
Economy

Fitch Upgrades Ghana to Stable ‘B’- Signalling Strong Recovery

by Evans Junior OwuJune 17, 2025
power theft at Rehoboth
Epixode Debunks Creativity-Enhancing Use of Drugs
Kasoa Fire Contained by GNFS, Not Civilians, Says Service, Fire, GNFS
Trump’s Early Exit From G7 Summit Sparks Israel-Iran Ceasefire Speculations
Mali Seizes Control Of Barrick Gold Mine
Hon. Dr Cassiel Ato Forson, Ghana’s Minister for Finance,
[/vc_row_inner]

Recent News

  • Rehoboth Chastised Over Massive Power Theft
  • Artists Called on To Improve Their Live-Performance Skills
  • Kasoa Fire Contained by GNFS, Not Civilians, Says Service
  • Trump’s Early Exit From G7 Summit Sparks Israel-Iran Ceasefire Speculations
  • Mali Seizes Control of Barrick Gold Mine
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.