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
Khayyam Jumani becomes Managing Director of J.P. Morgan Private Bank
Khayyam Jumani has stepped into the role of Managing Director at J.P. Morgan Private Bank, bringing with him…
ByLiquid Intelligent completes $855m refinancing and recapitalization
Liquid Intelligent Technologies has completed an $855 million recapitalisation and debt refinancing, supported by a $195 million equity…
IHS Nigeria, NCMM to renovate national Museum Lagos
IHS Nigeria, a subsidiary of IHS Holding Limited (NYSE: IHS) and one of the world’s largest independent tower…
Lagos Games Week returns to drive Nigeria’s stake in $200bn global industry
Lagos Games Week returns to the iconic National Theatre on 18–19 June with a clear ambition to position…
Gallery
