The Bank of Ghana has announced its decision to reduce the amount of dollars it supplies to the Bulk Oil Distribution Companies for the purchase of petroleum products due to the Gold for oil policy.
The central bank, in its quarterly announcement of forex forward rates auction, indicated that it plans to sell US$ 120 million in the second quarter of this year to authorized foreign exchange dealers and the bulk Oil Distribution Companies.
This amount is US$ 80 million less than the US$ 200 million auctioned in the first quarter of this year.
The latest development comes at the time when President Nana Akufo-Addo in delivering the State of the Nation Address in Parliament in March 2023, said the Gold for Oil policy, which is aimed at reviving the economy “is already bearing fruit.”
See the BoG’s notice to the stakeholders below:
