Ghana Fixed Income Market (GFIM) is a market that facilitates the secondary trading of all fixed income securities and other debt capital securities to be determined from time to time. The market was established by key stakeholders in the financial market led by the Bank of Ghana (BoG), Ghana Stock Exchange, (GSE), Central Securities Depository Ghana Ltd (CSD), Ghana Association of Bankers, the Ministry of Finance, Financial Market Association (ACI Ghana) and Licensed Dealing Members (LDMs) of the Ghana Stock Exchange.
Individuals, businesses and governments use common types of debt instruments, such as loans, bonds and debentures, to raise capital or generate investment income. Debt instruments essentially act as an IOU between the issuer and the buyer.
The following securities or instruments are traded on the GFIM:
(a) Government of Ghana treasury bills, notes and bonds; and
(b) Bank of Ghana money market instruments.
(a) corporate notes and bonds;
The Government of Ghana issues;
Treasury bills: 91,182 & 364
Treasury notes: 1&2
Treasury bonds: 3, 5, 6, 7, 10 & 15
Trading on the GFIM is limited to only authorize dealing entities referred to as GFIM Dealing Members. These dealing members buy and sell on behalf of individuals and entities. An entity seeking to do secondary trading in securities or instruments on the GFIM must meet one of the following eligibility requirements:
- 1. licensed by the Securities and Exchange Commission of Ghana to deal in securities and authorized by the Bank of Ghana as a primary dealer (PD); or
- 2. a non-PD bank licensed by the Securities and Exchange Commission of Ghana to deal in securities; or
- 3. a Licensed Dealing Member (LDM) of the Ghana Stock Exchange.
Any other entity must trade through one of the above mentioned GFIM dealing members. On the other hand, The Bank of Ghana for monetary policy purposes, are permitted to deal in Government of Ghana or Bank of Ghana securities listed on the GFIM.
GFIM has a total of 39 dealing member.