- February 11, 2022
- Posted by: Amos Ekow Coffie
- Categories: Banking and Finance, Finance
A total of 188 bids amounting to $293 million was made by banks, importers, exporters and other persons and businesses in the Bank of Ghana’s forex forward rates auction on February 8, 2022.
The bids made by the various buyers exceeded the BoG’s target of making available dollars worth $75 million to buyers.
In view of the bids made, the BoG’s forex auction was oversubscribed by some $218 million.
Per the auction results released by the Central Bank, the apex bank accepted in total the $75 million it set as its target, rejecting the $218 million extra bids made by buyers.
In all, the bids were made for the 7 day, 15 day, 30 day, 45 day, 60 day and 75 day tenors.
Total bids submitted for the 7 day tenor amounted to $151.5 million of which the BoG accepted $36.75 million.
For the 15 day, 30 day and 45 day tenors, bids made totaled $92.5 million, $37.75 million and $7 million respectively.
The BoG, for the 15 day, 30 day and 45 day tenors accepted bids totaling $21.5 million, $8.5 million and $4 million respectively.
Bids made for the 60 day and 75 day tenors amounted to $3.75 million and $500,000 with government accepting all bids made.
Bank of Ghana sets $450m target for Q1 2022
The Bank of Ghana [BoG] has set a forex auction target of $450 million for the first quarter of 2022.
The $450 million to be auctioned from January 11, 2022 to March 3, 2022, will see the Central Bank auction an amount of $75 million every week.
Announcement of the auction target is per the Bank’s Q1 2022 Auction Calendar for Foreign Exchange Forward Auctions.
Receipt of bids for dollars by the BoG from primary dealers, will be between 9.30am and 10.30am on the date of the auction with the auction results announced at 3.00pm on the date of the auction.
The BoG for the year 2021 set aside some $775 million for its forex forward auction programme.
The BoG’s forex forward auction programme is to help govern the conduct of forex auctions on the interbank foreign exchange market, deepen the forex market and reduce uncertainty on the future availability of dollars to meet the forex need of importers and exporters.