BoG Sets Up Foreign Exchange Forward Auction Limited

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dr ernest addison governor bank of ghana
Dr Ernest Addison Governor Bank of Ghana
Spining

The Bank of Ghana (BoG) has announced a Foreign Exchange Forward Auction limited to the 30day tenor on March 30, 2022.

According to the Bank, authorized dealers are invited to submit bids in the request format for the auction through the dedicated email bogforward@bog.gov.gh between 10:30am and 11:30am.

It also released conditions under which all authorized Foreign Exchange Dealer Banks shall also comply with the provisions of the Code of Conduct for the Interbank Foreign Exchange market in Ghana.

Read full Release below:

The Bank of Ghana has announced a Foreign Exchange Forward Auction limited to the 30day tenor on March 30, 2022.

In addition to the guidelines for Bulk Oil Distribution Companies (BDCs) FX Auctions, all Authorized Foreign Exchange Dealer Banks shall also comply with the provisions of the Code of Conduct for the Interbank Foreign Exchange market in Ghana. The Auction shall be held under the following conditions:

Amount on offer is US$100.00 million, Banks are to ensure that participation in the auction is limited to qualify BDCs based on the following conditions;

Evidence of a valid license to operate as issued by the NPA, be in good standing with the NPA, provide evidence of a contract indicating volumes and cost of the products including premiums or discounts applied, as well as payment due date, Contracts must be valid for the current window between 1st and 15th April 2022, evidence of sales to Oil Marketing Companies within the last three months.

.BDCs are to deposit all sales proceeds into an escrow account with their bidding banks for the window in which they participated in an auction. This will be closely monitored.

.Banks are required to pass on FX won by BDCs at the winning bid rates with no spread.

.Bank of Ghana reserves the sole right to auction allocation.

.All results announced are final.

Authorized dealers are invited to submit bids in the request format for the auction through the dedicated email bogforward@bog.gov.gh between 10:30am and 11:30am.

Signed Sandra Thompson Secretary

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