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 economy “is already bearing fruit.”
In its quarterly announcement of forex forward rates auction, the Central Bank 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 is less US$ 80 million lower than the US$ 200 million auctioned in the first quarter of this year.
