The Bank of Ghana (BOG) has announced regulations to govern the conduct of competitive multiple-price foreign exchange (FX) auction to allocate foreign exchange against the Ghana Cedi.

The central bank said in a statement that multiple-price auctions would support market development, price formation and also provide a transparent mechanism to intermediate FX proceeds from Cocoa Syndicated Loans to the market.

To ensure a well-functioning foreign exchange market and to further develop the foreign exchange market within the financial system of Ghana, the Bank of Ghana said it is issuing the “regulations to establish the methodology that governs the procedures for participation of the eligible Authorised Foreign Exchange Dealer Banks in the Competitive Multiple-price Foreign Exchange Auctions.”