The Bank of Ghana has announced for the information of banks, investors and the general public important changes affecting the issuing and trading of Government of Ghana (GOG) securities.
The changes are aimed at strengthening the primary dealership system, facilitating the development of the fixed income market and creating a favourable environment for private sector investors to make and realise their investment decisions.
The central bank said with effect from July 1, 2016, only financial institutions licensed by the Securities and Exchange Commission and appointed by Bank of Ghana as Primary Dealers (PDs) would participate at the wholesale primary auction to purchase GoG securities for their own account and for trading purposes.
“These PDs are obliged to act as market makers in GoG securities, quoting firm two-way (buy/sell) prices. All other investors interested in purchasing (or selling) GOG securities may do so only on the secondary market activities,” the bank said in a statement signed by Secretary Caroline Otoo.
The following are the licensed PDs, which will operate from July 1, 2016: Access Bank Ghana, ARB Apex Bank, Barclays Bank Ghana Limited, Cal Bank, Ecobank, Fidelity Bank, First Atlantic Bank, GCB Ltd, GT Bank, National Investment Bank, Universal Merchant Bank, uniBank, SG Bank, Stanbic Bank and Standard Chartered Bank.
The central bank said investors and the general public are encouraged to contact their bankers for clarifications on this notice. They may also consult the Bank of Ghana website: www.bog.gov.gh for the following documents: 1. Guidelines for the Government Securities Market for Primary Dealers. 2. Primary Dealership in Ghana: Requirements and Responsibilities of Primary Dealers in the Government Securities Market. 3. Code of Conduct for Primary Dealers of Government Securities in Ghana.
Source: classfmonline
