The Bank of Ghana will sell a total of $350 million dollars to authorised dealers in the second quarter of this year, in the Foreign Exchange Forward Auction.

This is in accordance with the Foreign Exchange Forward Auction Guidelines.

The move is expected to boost the supply of dollars on the market to help improve the stability of the local currency.

According to the Central Bank, bids are invited as per the prescribed format to purchase the United States dollars against Ghana cedis, separately on each auction date.

$150 million are expected be sold in May 2022, whilst $100 million each will be sold on April 2022 and June 2022 respectively.

The Central Bank further said it will publish an auction calendar for the Foreign Exchange Forward Auction on quarterly basis.

Also, the calendar will be published one week preceding the next quarter on the Bank of Ghana website.

It concluded that the Competitive Multiple-priced Foreign Exchange Forward Auction will be governed by the guidelines published and available on the Bank of Ghana website.

Credit: myjoyonline