Through banks, the Bank of Ghana (BoG) plans to sell a total of $420 million in cash to bulk oil distribution companies (BDCs). This transaction will take place through currency auctions, compared to $150 million in the third quarter.

The BoG decides to provide US dollars to the BDCs to stimulate liquidity supply and help stabilize the CEDI and then ensure product supply tankers in Ghana. In October, November, and December 2022, respectively, during bi-monthly auctions, $120 million will be sold while millions of dollars will be auctioned in September. This year, against the US dollar, the CEDI has come under immense pressure, and has fallen by more than 35% after three credit rating agencies downgraded Ghana's credit.