Bank of Ghana injects $20 million into oil sector to support cedi and fuel supply

The Bank of Ghana (BoG) has disbursed $20 million to ten Bulk Oil Distribution Companies (BDCs) as part of its latest foreign exchange (FX) forward auction, reinforcing the central bank’s efforts to stabilise the Ghanaian cedi and ensure consistent fuel availability.

• The Bank of Ghana has allocated $20 million to Bulk Oil Distribution Companies in a foreign exchange auction.
• The FX auction was priced at GH¢10.40 per US dollar and is part of a larger $120 million initiative.
• The next FX forward auction is scheduled for early July, allocating a further $20 million.

Fixed rate auction targets petroleum sector

The FX auction, held on Thursday, 26 June 2025, was priced at a fixed rate of GH¢10.40 per US dollar, with bids submitted in the range of GH¢10.00 to GH¢10.35.

This forms part of a broader $120 million initiative launched by the central bank in April 2025, aimed at providing fortnightly dollar support to qualified BDCs throughout the second quarter.

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According to the BoG, the FX auction is a targeted response to external economic shocks, especially those related to fluctuating global oil prices. The measure is intended to reduce the burden on the interbank FX market by directly supplying foreign currency to the downstream petroleum sector.

The central bank explained that this intervention is essential in preserving macroeconomic stability and containing inflationary pressures, particularly those driven by rising import costs in the energy sector.

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Next auction slated for early July

The BoG has scheduled the next FX auction for early July, with an additional $20 million earmarked for distribution to qualifying BDCs.

This latest intervention highlights the BoG’s role in anchoring stability in both the energy sector and the broader economy, as the country continues to confront fiscal imbalances and external vulnerabilities.

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