- April 4, 2022
- Posted by: Charles Yeboah Nixon
- Categories: Banking and Finance, Economics, Forex
The Bank of Ghana has announced the sale of $350 million dollars to authorised dealers in the second quarter of this year, in the Forex Forward Auction, to help shore up supply of dollars onto the market.
According to the Central Bank, this is in accordance with the Foreign Exchange Forward Auction Guidelines.
Per the auctioning, the Central Bank will invite bids, as per the prescribed format to purchase the United States dollars against Ghana cedis, separately on each auction date.
In terms of the amount of dollars to be sold monthly, $150 million will be sold in May 2022, whereas $100 million each will be sold on April 2022 and June 2022 respectively.
The Central Bank also stated that it will publish an auction calendar for the Foreign Exchange Forward Auction on quarterly basis.
However, the calendar will be published one week preceding the next quarter on the Bank of Ghana website.
It concluded that the Competitive Multiple-priced Foreign Exchange Forward Auction will be governed by the guidelines published and available on the Bank of Ghana website.