The Government of Ghana has issued guidelines for Gov’t Securities Market Primary Dealers, Bond Market Specialists
The purpose of these Guidelines, according to the Ministry of Finance, is to guide the purchase of Government securities in the domestic market to the provisions in the Public Financial Management Act, 2016 (Act 921), hereinafter referred to as ‘the Act’, and the Public Financial Management Regulations, 2019 (L.I. 2378) hereinafter referred to as ‘the Regulations’.
These guidelines shall apply to Primary Dealers and the newly formed Bond Market Specialists.
These guidelines are not intended to be all-encompassing and it shall be used with reference to other Directives issued by the Ministry of Finance, hereinafter referred to as ‘MOF’ and the Bank of Ghana hereinafter referred to as ‘BOG’.
Efforts at having a well-structured money market on course – Govt Government’s efforts at having a well-structured and a well-functioning money market are still on course, the Ministry of Finance has said. In this regard and to build on the Joint Book Runner (JBR) system, government has streamlined its engagements with investors as a way of further developing the primary and secondary markets, the Ministry added. To this end, it said, government has appointed Bond Market Specialists (BMS) from within the Primary Dealers and licensed investment dealers to conduct government’s bond market operations. The guidelines for the Government Securities Market Primary Dealers and Bond Market Specialists issued by the Ministry said; “In 2015, Government announced changes to the issue and trading of GOG securities, limiting the number of institutions that could act as Primary dealers.