BoG set to Auction $715m in 2020
The Bank of Ghana (BoG) has prepared plans to auction $715 million in Forward Foreign Exchange Auctions throughout 2020.
The months with the highest expected auctions of $80 million each are January, February and March 2020.
Following the Foreign Exchange Forward Auction guidelines issued on September 23, 2019, the central bank said bids are invited as per the prescribed format to purchase/sell US dollar against Ghana cedi separately on each auction date.
The decision to auction such an amount of US dollars is expected to help salvage the perennial depreciation of the cedi.
Meanwhile, the cedi is predicted to depreciate by about 13% to the US dollar in 2019.
BoG in October, began a Foreign Exchange Forward Rate Auction limited to 7-day, 15-day, 30-day, 45-day, 60-day and 75-day tenors.
In addition to the auction guidelines, all Authorized Foreign Exchange Dealer Banks are to comply with the provisions of the Code of Conduct for the Interbank Foreign Exchange market in Ghana.
However, since the introduction of Foreign Exchange Forward Rate Auction, it has been recording a significant oversubscription.
Related Posts
APA Apollo acquires majority stake in Tanzania’s Meticulous Insurance and Metro Life
APA Apollo Group has completed the acquisition of a majority shareholding in Meticulous General Insurance Company Limited and…
By
Jacqueline Karasha to take helm of SanlamAllianz Kenya
SanlamAllianz Kenya has appointed Jacqueline Karasha as Group Chief Executive Officer, effective 1 November 2026. She succeeds Dr.…
Unilever Nigeria reports 18% revenue surge to ₦184bn in Q3 2026
Unilever Nigeria Plc has reported revenue of N184 billion for the nine months ended September 30, 2026, an…
VFD Group appoints Ijeoma Emezie-Ezigbo as new Deputy Managing Director
VFD Group has appointed Ijeoma Emezie-Ezigbo as Deputy Managing Director, bringing a seasoned deal-advisory leader into its executive…
Gallery
