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
Abzena appoints Geoffrey Glass as CEO
Abzena, a leading end-to-end integrated contract development and manufacturing organization (CDMO) and contract research organization (CRO) specializing in…
By
Muhumuza champions open contracting for sustainable procurement at Africa Summit
Edwin Muhumuza, Head of Africa at the Open Contracting Partnership, championed open contracting as a critical driver for…
EnergyInc Advisors to propel Africa’s energy & infrastructure dev’t
EnergyInc Advisors, a new Africa-focused strategic advisory firm, has officially launched, poised to transform the landscape of energy,…
Genesis Energy,Desert Tech. announce clean energy alliance
Genesis Energy Holding, a Pan-African leader in clean energy infrastructure, and Desert Technologies Industries Factory CJSC, a Saudi-based…
Gallery
