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BoG sets $420m target in forex auction for Q4 2022

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Some $420 million dollars is projected to be sold out to authorised dealers in the fourth quarter of the year.

This is per the Central Bank’s fourth quarter Auction Target Calendar for Multiple-Price Foreign Exchange Forward Auction.

According to the Bank of Ghana, the said amount is going to be sold at the Foreign Exchange Forward Auction in accordance to its auction guidelines.

Compared to the some $150m auctioned in the third quarter, the Central Bank’s decision to auction $420m for the fourth quarter indicates an increase of some $270m in its forex forward auction.

The increase in its forex auction can be attributed to the Bank’s receipt of the $750m Afreximbank loan, as well as expected dollar inflows from the cocoa syndicated loan, ultimately aimed at stabilizing the cedi which has depreciated by 39% against the dollar since the beginning of this year.

The Bank of Ghana, in the publication of the Forex auction calendar, has called for the invitation of bids as per the prescribed format to purchase the US dollars against the cedis separately on each auction date.

Per the auction calendar, forex forward auctions amounting to $60m will be auctioned on each auction date from September 27, 2022 to December 29, 2022.

Receipts of bids will be made from 9:30am to 10:30am on each auction day with the announcement of the auction results made at 3pm on each auction date.

2022 4th Quarter Auction Calendar by Fuaad Dodoo on Scribd

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