The central bank, in its quarterly announcement of forex forward rates auction, indicated that it plans to sell US$ 120 million in the second quarter of this year to authorized foreign exchange dealers and the bulk Oil Distribution Companies.
ADVERTISEMENT
BoG reduces supply of dollar to BDCs for second quarter of 2023
The Bank of Ghana has announced its decision to reduce the amount of dollars it supplies to the Bulk Oil Distribution Companies for the purchase of petroleum products due to the Gold for oil policy.
Bank of Ghana
This amount is US$ 80 million less than the US$ 200 million auctioned in the first quarter of this year.
The latest development comes at the time when President Nana Akufo-Addo in delivering the State of the Nation Address in Parliament in March 2023, said the Gold for Oil policy, which is aimed at reviving the economy “is already bearing fruit.”
See the BoG's notice to the stakeholders below:
ADVERTISEMENT
BoG's notice to the BDCs
Pulse Ghana
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
Ghana ports experiencing a decline in traffic to Lomé port in Togo
Binance collaborates with law enforcement as crypto crime decreases
Powering pedlars on the way: The potential of electric generators
Ghana's debt dilemma: More needed for third tranche release - IMF
TECNO launches AI-enhanced CAMON 30 Series in Ghana; Redefining imaging and design excellence
Ghana's economy bounces back: Fitch predicts 3.5% growth in 2024
These 5 countries are the world's worst cybercrime hotspots — Nigeria is one of them
Ghana’s inflation hits 6th highest in Sub-Saharan Africa