BANK OF GHANA
NOTICE TO BANKS AND THE GENERAL PUBLIC
NOTICE NO. BG/ TD/ 2016/ 33
CHANGES AFFECTING THE ISSUE AND TRADING OF GOVERNMENT OF GHANA (GOG) SECURITIES
Bank of Ghana announces for the information of banks, investors and the general public important changes affecting the issue and trading of Government of Ghana (GOG) securities. The changes are aimed of 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.
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) price.
All other investors interested in purchasing (or selling) GOG securities may do so only on the secondary market activities.
The following are the licensed PDs which will operate from July 1, 2016:
1. Access Bank Ghana
2. ARB Apex Bank
3 Barclays Bank Ghana Limited
4. Cal Bank
6. Fidelity Bank
7. First Atlantic Bank
8. GCB Bank
9. GT Bank
10. National Investment Bank
11. Universal Merchant Bank
13. SG Bank
14. Stanbic Bank
15. Standard Chartered Bank
Investors and the general public are encouraged to contact their bankers for clarifications on the 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 Government Securities Market.
3. Code of Conduct for Primary Dealers of Government Securities in Ghana.
CAROLINE OTOO (MRS)
June 20, 2016
Source:Bank of Ghana