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Business News of Tuesday, 11 January 2022

Source: www.ghanaweb.com

BoG to auction US$75 million in forex today

Guidelines for auction to be published on central bank portal Guidelines for auction to be published on central bank portal

Bank of Ghana releases FX Auction calendar for first three months of 2022

Central Bank to sell US$450 million in forex to banks and businesses

Guidelines for auction to be published on central bank portal


The Bank of Ghana will today January 11, 2022 commence the multiple-price foreign exchange (FX) forward auction for the first quarter of 2022 with a proposed amount of US$75 million.

The auction forms part of the central bank’s objective to periodically strengthen the local currency against other major trading currencies and increase demand, particularly for the US dollar.

According to the 2022 Auction calendar of the central bank, it plans to sell US$450 million in the FX Auction program which will be opened for only authorised foreign exchange dealing banks.

This will also be the first of six auctioning events expected to place within the first quarter of 2022.

To start off, the Bank has announced the following dates for the multiple-price foreign exchange (FX) forward auction slated for; January 11, 2022, January 25, 2022; February 8, 2022; February 22, 2022; March 08, 2022, and March 22, 2022.

A statement signed by the Bank of Ghana Secretary, Ms. Sandra Thompson explained, “In accordance with the Foreign Exchange Forward Auctions Guideline, bids are invited as per the prescribed format to purchase United States dollars against the Ghana cedis, separately on each auction date and should be submitted via the dedicated email, bogforwards@bog.gov.gh”

“The Competitive multiple-priced Foreign Exchange Forward Auction will be governed by the guidelines published and available on the Bank of Ghana website,” portions of the statement added.

Meanwhile, the Bank of Ghana said the receipt of bids for the auction would take place between 9:30 am and 10:30 am on the date of the auction while the announcement of results would take place at 15:00 hours on the same day.