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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

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    CBOD calls for a more structured supply of Forex for petroleum products

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

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BoG accepts less than 50% of bids in last dollar auction in June

byPius Amihere Eduku
July 1, 2020
in Banking And Finance, Top Stories
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The Bank of Ghana in its last auction of forex in June, received 33% of the total amount of dollars dealers bid for.

The total bids were also about three times lower than the figure offered by the dealers.

For the last auction in June 2020, the Forex Auction Committee of the Bank of Ghana accepted $25,000,000 out of the $75,500,000 offered by forex dealers.

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This means that the central bank rejected $50, 500,000 out of the amount bid for.

The $25,000,000 is also the amount the regulator sought to accept for purposes of controlling the supply of dollars.

While the forex dealers submitted bids totaling 103, the forex auction committee of the Bank of Ghana accepted 31, which is about three times lower than the amount bid for.

The forex dealers quoted rates ranging between 5 cedis 68 pesewas and 5 cedis 79 pesewas.

The central bank however quoted rates between 5 cedis 75 pesewas and 5 cedis 79 pesewas.

In all, an amount of $6,000,000 was described as invalid bids submitted by the dealers.

The central bank has touted this forward auction of dollars it introduced in October last year saying it has helped in stabilizing the local currency against the dollar for some time now.

But when the Governor of the Bank of Ghana, Dr. Ernest Addison appeared before the Public Accounts Committee sitting last month, he maintained that checking dollarisation, which is the pricing of commodities and services in dollars, which persists in the economy, should aid in reducing the perennial depreciation of the cedi against the dollar.

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African Finance Ministers tasked to allocate more resources into education sector

Unilever Ghana PLC remains upbeat about future growth prospects

Citi Business Festival enters final week; forum on agribusiness comes off today

BoG must enforce regulations on informal forex trading – Prof. Quartey

DBG will mirror KfW’s successful banking model to benefit SMEs

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