NOTICE NO. BG/TD/2012/02
ISSUANCE CALENDAR FOR GOVERNMENT OF GHANA SECURITIES: JANUARY – MARCH 31, 2012
The Bank of Ghana announces for the information of all Primary Dealers, Banks, Brokersand the General Public, the Issuance Calendar for Government of Ghana Securities for theperiod January – March 31, 2012.
This Notice is to guide prospective investors and to promote transparency in theDomestic Securities Market. The following instruments would be eligible and available atweekly auctions to be conducted under various tenders:
|
Month 2012 |
91‐Day (GH¢’M) |
182‐Day (GH¢’M) |
1‐Year (GH¢’M) |
2‐Year (GH¢’M) |
3‐Year (GH¢’M) |
TOTAL (GH¢’M) |
| January |
320.00 |
320.00 |
80.00 |
80.00 |
- | 800.00 |
|
February |
320.00 |
320.00 |
80.00 |
80.00 |
200.00 |
1,000.00 |
|
March |
320.00 |
320.00 |
80.00 | 80.00 | - | 800.00 |
It should be noted that:
1.Amounts indicated are subject to confirmation on publication of issue Noticeas the Ministry of Finance and Economic Planning and the Bank of Ghanareserve the right to amend details as and when the need arises.
2. The Treasury Bills and Notes (91‐Day Treasury Bills and 2‐Year Notes) are shortterm debt securities. Issuance decisions are made weekly depending on theGovernment’s projected daily cash position for the week ahead. It isenvisaged to issue at least GH¢200 million of Treasury Bills and Notes weekly atall times to support government liquidity requirements which will include theredemption (rollover) of maturing securities for the week
.3. Auction for the issue of Treasury Bills and Notes will be held on Fridays (or thelast day of the working week) and settlement is T+1 (or the first day of theworking week following the Auction).
4. The 2‐Year Notes will be issued on weekly basis from 2012. The 2‐Year TreasuryNotes are currently being listed on the Ghana Stock Exchange (GSE) alongsidethe 3‐Year and 5‐Year Bonds.
5.The 3‐Year Fixed Rate Bond will be issued quarterly and proceeds would beused to support government funding requirement.
6. The Short‐term Treasury Bills and Notes (91‐Day Treasury Bills, 182‐DayTreasury Bills, 1‐Year Note and 2‐Year Note) are solely available to residentsand shall not be available to non‐resident investors.
7. The Fixed Rate Bonds of 3‐Year tenor and above, shall however, be available toboth resident and non‐resident investors.
8. Government of Ghana (GOG) 3‐Year Fixed Rate Bonds issuance for the firstquarter of 2012 (January to March) is GH¢200.0 million.
9. Auctions for fixed Rate Bonds of 3‐Years and above shall be held on Thursdaysor the last working day of the week and settlement shall be T+2 (or the secondday of the working week after the Auction). The prospectus shall be publishedat least two weeks before the issue date.
10. The purpose and amounts for the 2012 programme will be published onquarterly basis based on the 2012 Budget.
The Bank of Ghana will accordingly notify the General Public through the electronic andprint media to submit bids through the appointed Primary Dealers (PDs) prior to anyweek’s issuance.All enquires on this Notice should be directed to:
The Head Treasury Department
Bank of Ghana
Accra
(Sgd.)
ANDREW BOYE‐DOE
THE SECRETARY
January 11, 2012
