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

The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market. This is part of its forward FX auction for Bulk Oil Distribution Companies (BDCs).

The intervention helped eleven BDCs. It aims to stabilize the cedi and ensure price stability in the petroleum sector.

The auction took place on Tuesday, April 29. It had a locked exchange rate of GHS 14.28 to the US dollar. Bid offers ranged from GHS 13.85 to GHS 15.55.

This move shows BoG's effort to improve forex liquidity. It also aims to protect the domestic fuel supply chain from global market volatility.

By supplying FX directly to BDCs, BoG wants to ease pressure on the interbank market. This will help guarantee a steady flow of petroleum products and reduce fuel price fluctuations.

The $20 million is part of a $120 million program for the second quarter of 2025. Under this program, BoG allocates funds every two weeks to qualified BDCs.

This targeted support highlights BoG’s commitment to macroeconomic stability, especially in critical sectors like petroleum.