GFIM (Ghana Fixed Income Market) is a market that facilitates the secondary trading of all fixed income securities and other securities to be determined from time to time.
The market has been 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. The GFIM is based on the existing license that the Ghana Stock Exchange (GSE) has to operate a market for securities. The main regulator for the market is the Securities and Exchange Commission.
The key objectives of the GFIM are to:
- bring about greater efficiency;
- better price discovery;
- increased liquidity;
- greater transparency in the secondary trading of fixed income securities in Ghana; and
- bring secondary trading activities in fixed income securities in Ghana to international best practice.
The following securities or instruments are admitted (listed) and traded on the GFIM:
- Government of Ghana treasury bills, notes and bonds; and
- Bank of Ghana money market instruments.
- 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 securities