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The Bank of Ghana has announced that it will auction $450 million in the first quarter of this year.
According to the Central Bank, the move is expected to help strengthen the performance of the local currency – the Ghana Cedi, against the dollar.
In an announcement to all Authorised Foreign Exchange Dealing Banks, the Bank of Ghana stated that the Auction Calendar for Foreign Exchange Forward Auctions will be held in the first quarter of 2022.
Also, in accordance with the Foreign Exchange Forward Auctions Guideline, bids would be invited as per the prescribed format to purchase United States dollars against the Ghana Cedis separately.
This will be done daily and on each auction date, submissions will done via the dedicated email, bogforwards@bog.gov.gh.
The Central Bank will also, on a quarterly basis, publish an auction calendar for the Foreign Exchange Forward Auction.
The calendar will be published one week preceding the next quarter on BoG website.
The competitive multiple-priced Foreign Exchange Forward Auction will be governed by the guidelines published and available on the Bank of Ghana website.
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