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These Ghana Fixed Income Market Rules (Rules) are made by the Ghana Stock Exchange (“GSE” or “Exchange”) for the Ghana Fixed Income Market (GFIM) pursuant to the GSE’s securities market license and are approved by the Securities and Exchange Commission (SEC) in accordance with the Securities Industry Act, 2016 (Act 929) as amended.

These Rules are binding on all Members as far as their operations on the GFIM are concerned. The GFIM may issue additional rules or guidelines, subject to the approval of the SEC.

There is hereby established the Ghana Fixed Income Market (GFIM) under the existing securities market license of the GSE.

The GFIM shall operate under a committee of stakeholders (GFIM Committee) which shall report to the Council of the Exchange. The Council of the Exchange shall therefore be responsible for the implementation and enforcement of the rules of the GFIM.

The GFIM’s objective is to provide a fair, orderly, transparent, and efficient market for the trading of debt securities such as fixed income and other similar securities or instruments.

The key objectives of the GFIM are to:

  1. Bring about greater efficiency;
  2. Better price discovery;
  3. Increased liquidity;
  4. Greater transparency in the secondary trading of fixed income securities in Ghana; and
  5. 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:

1. Government of Ghana treasury bills, notes and bonds; and
2. Bank of Ghana money market instruments;
3. Quasi-Government of Ghana institutions’ money market instruments, notes and bonds;
4. Corporate notes and bonds;
5. Local government bonds (i.e. metropolitan, municipal and district bonds);
6. Supra-national bonds;
7. Repos; and
8. Other fixed income securities

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