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A flexible and open trading
environment for bonds

The Ghana Fixed Income Market (GFIM) offers a transparent environment where price discovery and price information are easily accessible to participants.

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Bonds are issued by governments, companies, and other bodies seeking to raise capital or funds from the public. Bond Purchase literally means lending money to the bond issuer. This implies that the reward for lending money is to receive a steady stream of payments (also known as interest payments or coupons). This amount received (interest payments or coupons) is expressed as a percentage of the face value (the original money lent). At the end of the bond’s tenure or lifetime, the lender then receives 100 percent of the bond’s face value.

On the other hand, there are some bonds that do not offer coupon or interest payments (zero-coupon bonds), these are priced at a discounted rate from their face value. When the bond reaches maturity or ends its lifetime, the face value (original amount) of the bond, along with the accumulated interest will be received.

How to Buy & Sell BondsGFIM Goes Green
Bonds, Ghana Stock Exchange

The Ghana Fixed Income Market is a market to facilitate the secondary trading of all fixed income securities and other securities to be determined from time to time. Bonds are a form of fixed income security issued by governments, companies, and other bodies seeking to raise capital or funds from the public.

The Ghana Fixed Income Market (GFIM) offers deeper liquidity in the trading of fixed income securities, enhanced overall market efficiency, robust market transparency, and better price discovery.

Visit GFIM

The following securities or instruments when issued shall be automatically admitted (listed) and traded on the GFIM:
Government of Ghana treasury bills, notes, bonds, and Bank of Ghana money market instruments.

The following securities or instruments may be admitted (listed) and traded on the GFIM:

  • Quasi-Government of Ghana institutions‟ money market instruments, notes, and Bonds;
  • Corporate notes and bonds;
  • Local government bonds (i.e. metropolitan, municipal, and district bonds);
  • Supra-national bonds;
  • Repos and;
  • other fixed income or money market securities

Trading Infrastrucure

GFIM has a well-established information technology infrastructure (in the form of Bloomberg E-Bond together with the Central Securities Depository Ghana Limited Clearing, Settlement and Depository system and in Ghana Interbank Settlement (GIS) of Bank of Ghana) to support its operations, in addition to bespoke market rules and alert market surveillance.

It may be possible in future to trade fixed income securities on the bond platform of the GSE Capizar Automated Trading System (ATS). The market opens at 9.00 hours GMT to 1600 hours GMT every business day or as may be determined by the GFIM in a press release.

Bonds, Ghana Stock Exchange
Bonds, Ghana Stock Exchange

Trading Methodology

Trading of the securities on the market is through over-the-counter arrangements but through a standardised platform on the E-Bond system. Trading could be executed through:

Request for quotes method; or by an anonymous or firm order placed in the system; or by voice trading

Request for quotes is made on benchmarked securities in a standard amount of GH¢500,000 or multiples of the standard amount. Firm orders on the other hand may be in any amount other than the standard amount but in multiples of GH¢ 10.00. In trading, primary dealers shall have to provide two-way quotes for all agreed benchmarked securities while all other dealers may have to provide indicative quotes for the benchmarked securities.

The securities are traded on the maximum spreads of 50 basis points. GFIM may vary the maximum spreads on the listed securities from time to time.

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