Tag: BDCs
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Bank of Ghana to auction US$120 million to BDCs in 2023 third quarter
The Bank of Ghana will in the third quarter of 2023 sell $120 million to Bulk Oil Distribution Companies (BDCs) under the FX Forward Auction Calendar for the same period. the calendar, $40 million each would be auctioned in July, August and September. Further breakdown suggests that $20 million each will be sold on July…
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BDCs import fuel at cheaper prices than govt’s gold for oil programme – BOST boss
According to Edwin Provencal, the Managing Director of Bulk Oil Storage and Transportation (BOST) company, some private Bulk Distribution Companies (BDCs) have been importing petroleum products at cheaper rates than under the government’s gold-for-oil program. This program was initiated by the government as a response to the recent depreciation in the value of the cedi…
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BoG cuts dollar supply to BDCs for 2023 Q2
The Bank of Ghana has indicated that it has slashed its dollar supply to the Bulk Oil Distribution Companies due to the Gold for oil policy. This comes at the time when the president in delivering the State of the Nation Address in Parliament in March, said the policy, which is aimed at reviving the…
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BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD
The Ghana Chamber of Bulk Oil Distributors (CBOD), has called on other players in the foreign exchange supply market to step up their efforts to ensure the demand for US Dollars by Bulk Distributing Companies (BDCs) is met. This, according to the CEO of the Chamber, Senyo Hosi, is important as the quantum of US…
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IES predicts marginal stability in fuel prices for 2nd pricing window in July
The Institute of Energy Security, IES, says fuel prices will be marginally stable for the second pricing window for July 2020 across various pumps in the country. According to them, the stability of the cedi against major currencies and a rise in the prices of Gasoline and Gasoil on the international market, will be the…
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Bulk Oil Distribution Companies commend BOST for setting-up call centre
The Bulk Oil Distribution Companies (BDCs) have commended the management of Bulk Oil Storage and Transportation (BOST) company limited for setting-up a Call Centre to enable stakeholders have a quick response to issues regarding their stock balance. The BOST Call Centre will serve as a vital information network to ease doing petroleum transportation business as…
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Banks, BDCs to shave off GH¢800m from GH¢1.6bn debt
It appears the woes of commercial banks regarding their exposure to Non Performing Loans (NPLs) may not be ending anytime soon with the latest development from the Bulk Oil Distributors regarding their indebtedness to some banks. Information available to Citi Business News indicates that banks that are owed by the Bulk Oil Distributors (BDCs) are…
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Banks demand payment plan for BDC debts
Banks that are exposed to the Bulk Oil Distribution Companies (BDCs’) debts want government to draw out a plan to facilitate payments from the Energy Sector Levies Act [ESLA]. They argue that the plan will facilitate payments and help them make the necessary provisions accordingly. Explaining the impact of the absence of a detailed plan…
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NPP gov’t must continue legacy debt payments – HFC MD
The Managing Director of HFC bank, Robert Le Hunte is optimistic the incoming Nana Akufo-Addo government will continue with the plans laid down by the Ministry of Finance in paying the legacy debt. According to him, the change in government should not in any way alter the process already agreed on to pay the affected…
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BDCs chamber calls for calm over debt payment uncertainty
The Chief Executive Officer of the Chamber for Bulk Oil Distribution Companies Senyo Horsi has rejected revelations that government may not abide by the agreed payment plan to clear debts owed banks by Bulk Oil Distribution Companies. Government is currently indebted to about 17 Bulk Distribution Companies in excess of 500 million dollars. In government’s…