BoG commits US$363 million to FX forwards in January to April

The Bank of Ghana has in the first four months of the year committed a total of US$363 million to the forex market through its forex forward auctions.

Bids submitted during the auctions in the four months amounted to US$662.65 million, out of which US$531.65 million and US$129 million were for the first quarter and April, respectively.

The bids submitted were for the 7-day, 15-day, 30-day, 45-day, 60-day, and 75-day tenors.

The activities of the central bank on the forex market continue to drive the stability of the cedi this year despite the coronavirus pandemic.

So far this year, the local currency has appreciated against the dollar by 0.5 percent.

Following the issuance of the US$3.025bn Eurobonds, market analysts are anticipating the cedi to remain stable during the year.

Governor of the Bank of Ghana Dr. Ernest Addison has said the bank remains confident that the reserves it has amassed so far, coupled with other measures to be implemented by the government, should see the local currency maintain its throughout the year.