WITHHOLDING TAXES ON INTEREST INCOMES
Income earned on securities will be subject to the existing Ghanaian tax laws.
MEMBERSHIP FEES
- Admission Fees – Authorized dealers shall pay a membership admission fee as follows or
as may be determined by the GFIM from time to time.- PDs – GH¢50,000
- Non-PD Banks – GH¢25,000
- LDM Members – Nil
- A member seeking re-admission following suspension or cancellation of its membership
status shall pay admission fees as in sub rule 1 above. - Annual Fees – Authorized dealers shall pay an annual membership fee as follows or as
may be determined by the GFIM from time to time.- PDs – GH¢24,000
- Non-PD Banks – GH¢12,000
- LDM Members – GH¢6,000
- The Governing Committee has powers to agree specifics such as discounts and waivers
as well as changes to these membership fees.
LISTING FEES
The securities listed or to be listed on the GFIM, the following listing fees shall apply.
- For money market instruments or securities with maturities of less than one year to be
listed, such as bills, commercial paper or certificates of deposits, no listing fee shall be
charged. - For notes and bonds issued by the Government of Ghana, Bank of Ghana and Local
Government Authorities:- an application fee of 0.0002 of the value of the securities to be listed;
- an original listing fee of 0.0001 of the value of the securities to be listed; and
- an annual fee of 0.0001 of the value of the securities. The annual listing fee shall be
charged at the time the securities are being listed and in each subsequent year that
the security will remain listed:
- For all other securities other than indicated in sub-rules 1 and 2, :
- an application fee of 0.0002 of the value of the securities to be listed;
- an original listing fee of 0.0001 of the value of the securities to be listed; and
- an annual fee of 0.0001 of the value of the securities. Annual listing fee shall be
charged in each of the subsequent years that the instrument will remain listed:
TRADING COMMISSIONS
- Transactions executed in Government of Ghana, Bank of Ghana and Cocoa Board
securities on the GFIM shall attract commissions on the buy side as well as the sell side
as specified below.- Dealer to Dealer Transactions:-
- Dealer‟s commission – contained in the spread charged; and
- Regulators‟ commission – 0.01% of the settlement value but also contained in
the spread charged
- Dealer to Client or Dealer to Customer Transactions:-
- Dealer‟s commission – contained in the spread; and
- Regulators‟ commission – 0.01% of the settlement value but also contained in
the spread charged
- Dealer to Dealer Transactions:-
- The rates indicated are standard or fixed rates and any other charge will be contrary to
the Rules. - The regulators‟ commission shall be incorporated into the rediscounting price and a
single price given to the client. - The regulators‟ commission shall not be subject to any negotiation and shall be deducted
at source from the settlement funds of the buying and selling dealers at the time of
apportioned as follows:- Ghana Fixed Income Market, 50/100 of the 0.01%;
- Central Securities Depository Ltd., 30/100 of the 0.01%; and
- Securities and Exchange Commission, 20/100 of the 0.01%.
- The Governing Committee shall have the power to review the regulatory commission
from time to time including power to impose a cap on the absolute amount of the
commission that a client shall pay on a transaction with the approval of SEC.