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The Bank of Ghana (BoG) will from this Wednesday, November 30 start selling part of the $1.8 billion dollar cocoa loan to commercial banks. 

The Central Bank to this end has released regulations for interested banks and the calendar to guide the auction.

 

The Bank of Ghana in a notice said only those who are licensed, can participate in the auction, “participation in the auction is restricted only to Authorized foreign Exchange dealing banks”.

It adds that authorise banks shall submit their bids via a secured Bank of Ghana page on Reuters Terminal or through a designated email in approved  format provided by the regulator.

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The discovery of crude oil in commercial quantities in Ghana in 2007, and subsequent production of the commodity in 2010, initially brought a lot of joy and high expectations from Ghanaians, especially the residents of the Western Region.

The people had high hopes of employment opportunities, potential reduction in prices of petroleum products in the country, reduced poverty levels, increased access to healthcare, and an enhancement of the general welfare of the people.

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