• About Us
  • Contact Us
Ghana Talks Business
  • Home
  • News
  • Business
  • Personal Finance
  • Travel
  • Lifestyle
  • Media
  • Features
  • Africa Media
No Result
View All Result
  • Home
  • News
  • Business
  • Personal Finance
  • Travel
  • Lifestyle
  • Media
  • Features
  • Africa Media
No Result
View All Result
Ghana Talks Business
No Result
View All Result

Ghana’s Forex dealers offered $25 million in April auction by Central Bank

09/04/2020
Reading Time: 2min read
Forex dealers
0
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

The Bank of Ghana has accepted $25 million in bids from Forex dealers, in its latest auction of Forex.

This means the BoG has agreed to accept 31.74% of the total amount of $78.75 million that forex dealers bid for.

According to the BoG a total of 108 bids were submitted in the latest Forex auction which was carried out on Tuesday [April 7, 2020].

This was contained in a report published by the Bank of Ghana (BoG) relative to controlling the supply of dollars in the system.

Bidding for foreign currency

Forex dealers in need of foreign currency within the next seven days bid the highest number of 53 while dealers who needed foreign currency in the next fifteen days had bids reaching 29.

There was one bid each for dealers who needed dollars within the next two months or more.

The Bank of Ghana offered higher prices for the minimum bids quoted by the dealers, but gave relatively lower prices for the maximum bids quoted by the dealers.

Dealers who needs foreign currency for the seven days quoted a minimum price of GH₵5.50 and a maximum price of GH₵5.77.

But the BoG gave a minimum price of GH₵5.68 pesewas and a maximum price of GH₵5.72.

For the latest auction of forex, total amount of bids that were considered as invalid since they did not meet the guidelines, was $2 million.

The Forward auction of forex, was introduced by the BoG, to control the amount of foreign currency in circulation.

This is to stop the perennial depreciation of the cedi.

ghanatalksbusiness.com, business & economic updates, personal finance, advocacy
Previous Post

Covid-19 crises may create food security challenges in Ghana

Next Post

African Union and African private sector launch COVID-19 Response Fund

Related Posts

BoG maintains policy rate at 14.5%, ghanatalksbusiness.com

Why BoG is maintaining policy rate at 14.5% for the 5th consecutive time

02/02/2021
ransford_sowah

Meet Ransford Sowah the former CEO of the oldest commercial bank in Ghana

05/10/2020
BoG maintains policy rate at 14.5%, ghanatalksbusiness.com

Bank of Ghana opens new FinTech and Innovation Office

06/05/2020
dividend payments

Suspension of Dividend Payments- Bank of Ghana urged to reconsider directive

28/04/2020
Customer complaints

Payment of dividends to shareholders of banks and SDIs suspended- Bank of Ghana

21/04/2020
top 10 banks in Ghana, ghanatalksbusiness.com

COVID-19: Ghana Association of Bankers reduces lending rate by 200 basis points

06/04/2020
Next Post
AU, Afrochampions initiative, COVID-19 FUND, ghanatalksbusiness.com

African Union and African private sector launch COVID-19 Response Fund

Covid-19 African Development bank

African Development Bank Group unveils $10 billion Response Facility to curb COVID-19

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2020 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Business
  • Personal Finance
  • Travel
  • Lifestyle
  • Media
  • Features
  • Africa Media

© 2020 Ghana Talks Business