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BoG injects $20m into FX market to support 11 BDCs

 

The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs).

The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector.

Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55.

This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets.

By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices.

The $20 million disbursement forms part of a $120 million programme for the second quarter of 2025, under which the BoG allocates funds fortnightly to qualified BDCs.

This targeted liquidity support reaffirms the central bank’s commitment to macroeconomic stability, particularly through interventions in critical sectors such as petroleum.

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