{"id":728753,"date":"2019-10-22T13:11:13","date_gmt":"2019-10-22T13:11:13","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/10\/22\/bog-launches-repo-market-guidelines\/"},"modified":"2019-10-22T13:11:13","modified_gmt":"2019-10-22T13:11:13","slug":"bog-launches-repo-market-guidelines","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/10\/22\/bog-launches-repo-market-guidelines\/","title":{"rendered":"BoG Launches Repo Market Guidelines"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Bank of Ghana (BoG),<br \/>\ntogether with the Ghana Fixed Income Market (GFIM) Committee, has launched the<br \/>\n\u2018Guidelines for Repurchase Agreements\u2019 in Ghana.<br \/>This achievement is one of many initiatives to accelerate the country\u2019s money<br \/>\nmarket development and was presented by a high-ranking Ghanaian delegation to<br \/>\nthe World Bank\/IMF Annual Meetings 2019 in Washington DC. <\/p>\n<p>A well-functioning money market<br \/>\nunderpins liquidity in the secondary market for government securities, lowering<br \/>\nthe risk-free yield curve. Repurchase transactions, also known as repos, are a<br \/>\nkey money market instrument. With the risk-free curve as a reliable and<br \/>\ntransparent pricing reference for all other issuers of debt, funding costs<br \/>\ndecline for market stakeholders, including the government. <\/p>\n<p>All the above foster and help<br \/>\nstabilize economic growth. \u201cRepo markets facilitate the flow of cash and<br \/>\nsecurities in financial markets. A well-functioning repo market contributes to<br \/>\nthe efficient allocation of capital in the real economy by supporting liquidity<br \/>\nin other markets. Repo markets serve several benefits: they provide a low-risk<br \/>\noption for cash investment, transform collateral, support cash-market<br \/>\nefficiency and liquidity, facilitate the hedging of risk and enable investors<br \/>\nto monetize liquid assets,\u201d according to Dr. Ernest Addison, Governor,\u00a0 BoG.<\/p>\n<p>The accessibility and<br \/>\nefficiency of African money markets can be greatly improved through the<br \/>\nstrengthening of the legal and regulatory environment that underpins repo<br \/>\ntransactions, specifically, the enforceability of standard financial markets<br \/>\nmaster agreements.<\/p>\n<p>At the start of 2018 and<br \/>\nfollowing a Regulators\u2019 Roundtable by Frontclear and the International Capital<br \/>\nMarkets Association (ICMA) on repo and Global Master Repurchase Agreement<br \/>\n(GMRA) enforceability in Accra, the BoG and the wider GFIM committee embarked<br \/>\non an effort to address GMRA enforceability. <\/p>\n<p>\u201cThe adoption of these<br \/>\nguidelines, I believe, will not only ensure legal certainty and enforceability<br \/>\nbut will also improve market transparency, liquidity and participation. Looking<br \/>\nahead, we hope to develop our repo market to grow beyond the borders of Ghana<br \/>\nto improve intra-African trade. It is my firm belief we would one day be here<br \/>\nagain for another launch but this time for the whole of the African continent,\u201d<br \/>\naccording to Dr. Maxwell Opoku Afari, Chairman of the GFIM.<\/p>\n<p>The Ghana Fixed Income Market<br \/>\n(GFIM) is the secondary market for all fixed income securities. Fixed income<br \/>\nsecurities of the Government of Ghana (including treasury bills, notes and<br \/>\nbonds) and the BoG bills are automatically admitted and traded on the GFIM upon<br \/>\nissuance. <\/p>\n<p>GFIM, in collaboration with<br \/>\nBloomberg, has launched the Bloomberg E-Bond trading and market surveillance<br \/>\nsystem, a new electronic trading system for Ghanaian government bonds. The<br \/>\nresult \u2013 Ghana Repo Market Guidelines \u2013 has been launched today by Ghanaian<br \/>\ndignitaries attending the WB\/IMF Annual Meetings, including Dr. Ernest Addison,<br \/>\nCharles Adu-Boahen, Deputy Minister of Finance and Dr. Maxwell Opoku-Afari,<br \/>\nChairman of the GFIM. <\/p>\n<p>\u201cWe are encouraged by the<br \/>\npublication of these guidelines referencing the Global Master Repurchase<br \/>\nAgreement, the principal master agreement for cross-border repos globally, as<br \/>\nwell as for many domestic repo markets around the world. We see this as a<br \/>\npositive step in the development of the repo market in Ghana,\u201d according to Martin<br \/>\nScheck, Chief Executive of ICMA.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Ghana (BoG), together with the Ghana Fixed Income Market (GFIM) Committee, has launched the \u2018Guidelines for Repurchase Agreements\u2019 in Ghana.This achievement is one of many initiatives to accelerate the country\u2019s money market development and was presented by a high-ranking Ghanaian delegation to the World Bank\/IMF Annual Meetings 2019 in Washington DC. A [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":728754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-728753","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoG Launches Repo Market Guidelines - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/10\/22\/bog-launches-repo-market-guidelines\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BoG Launches Repo Market Guidelines - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"The Bank of Ghana (BoG), together with the Ghana Fixed Income Market (GFIM) Committee, has launched the \u2018Guidelines for Repurchase Agreements\u2019 in Ghana.This achievement is one of many initiatives to accelerate the country\u2019s money market development and was presented by a high-ranking Ghanaian delegation to the World Bank\/IMF Annual Meetings 2019 in Washington DC. 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