The Bank of Ghana will auction $120 million to Bulk Oil Distribution Companies (BDCs) in the final quarter of 2024, maintaining the same amount sold in both the second and third quarters.

According to its Forex Forward Auction Calendar, the Central Bank plans to sell $40 million each month in the fourth quarter.

In October, it will auction $20 million to the BDCs twice.

The same approach will be taken in November, with two auctions set for November 13 and November 27.

In December, $20 million will be auctioned on December 12 and December 27.

The Bank of Ghana said in a notice that each auction will take place between 9:30 am and 10:30 am, with results to be announced by 3:00 pm on the auction day.

The auctions will follow the guidelines outlined on the Bank of Ghana’s website.

The purpose of the dollar sales is to ensure that oil importers have adequate foreign exchange liquidity to purchase refined petroleum products for local consumption.

It is also expected to help improve overall dollar liquidity in the foreign exchange market.