The Bank of Ghana (BoG) has disbursed $20 million to ten Bulk Oil Distribution Companies (BDCs) through its most recent foreign exchange forward auction, reinforcing efforts to stabilize the Ghanaian cedi and ensure steady fuel availability.
The auction, according to Business Insider Africa, conducted on June 26, was priced at a fixed exchange rate of GH¢10.40 to the US dollar, with submitted bids ranging between GH¢10.00 and GH¢10.35.
This move forms part of a broader $120 million initiative introduced in April 2025 to provide fortnightly dollar support to qualified BDCs throughout Q2.
According to the BoG, this targeted intervention is a strategic response to external economic shocks—particularly the volatility of global oil prices.
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By directly supplying foreign exchange to the petroleum sector, the central bank aims to ease pressure on the interbank FX market, maintain macroeconomic stability, and contain inflation driven by rising energy import costs.
The next round of FX forward auctions is scheduled for early July, with another $20 million earmarked for distribution.
The initiative underscores the BoG’s commitment to stabilizing both the energy market and the broader economy amid ongoing fiscal challenges and external vulnerabilities.
IMage Credit: Ceditalk
