In a foreign exchange forex auction, the Bank of Ghana will sell a total of $150 million to authorized dealers in the third quarter of this year.
The $350 million that was sold in the second quarter of 2022 will be far lower than this.
In July 2022, August 2022, and September 2022, respectively, each will get $50,000,000.
Bids are invited in the required format for the purchase of US dollars against Ghana cedis on each auction day in compliance with the Foreign Exchange Forward Auction Guidelines.
The rules that have been made public and are available on the Bank of Ghana website will govern the Competitive Multiple-priced Foreign Exchange Forward Auction. The Central Bank will therefore release an auction schedule for the Foreign Exchange Forward.
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The Ghana cedi lost 16.86 per cent in value to the dollar in the first half of 2022 on the interbank market but over 20 per cent on the retail forex market.
However, the rate of depreciation of the cedi slowed down in the last two months, after stern monetary actions from the Bank of Ghana coupled with some fiscal measures to halt the free fall in the first four months of 2022.
But the local currency ended June 2022 as the second most underperforming currency among 15 top currencies tracked by Databank Research.
