BoG to sell US$150 milion to authorised dealers in Q3 of 2022

The Bank of Ghana will sell a total of $150 million to authorised dealers in the third quarter of this year in a Foreign Exchange Forex Auction.

This will be far lower than the $350 million sold in the second quarter of 2022.

Fifty million dollars each will be sold in July 2022, August 2022 and September 2022 respectively.

In accordance with the Foreign Exchange Forward Auction Guidelines, bids are invited as per the prescribed format to purchase United States dollars against Ghana cedis, separately on each auction date.

The Competitive Multiple-priced Foreign Exchange Forward Auction will be governed by the guidelines published and available on the Bank of Ghana website. Accordingly, the Central Bank will publish an auction calendar for the Foreign Exchange Forward Auction on a quarterly basis.

The Ghana cedi lost 16.86 percent in value to the dollar in the first half of 2022 on the interbank market but over 20 percent on the retail forex market.

However, the rate of depreciation of the cedi slowed down in the last two months, after stern monetary actions from the Bank of Ghana coupled with some fiscal measures to halt the free fall in the first four months of 2022.

But the local currency ended June 2022 as the second most underperforming currency among 15 top currencies tracked by Databank Research.