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:
Income earned on securities will be subject to the existing Ghanaian tax laws.
SETTLEMENT CYCLE
All trades in securities listed on the GFIM shall settle on a T+2 cycle or as may be determined by the GFIM from time to time.
A GFIM Dealing Member dealer may be permitted to settle a transaction on the basis of T+0 or T+1.
CASH SETTLEMENT
Funds or cash shall be settled at the Bank of Ghana.
SECURITIES SETTLEMENT
Securities settlement for transactions done on the GFIM shall be done using the depository system of the Central Securities Depository Ltd.
DELIVERY VERSUS PAYMENT
1. Settlement of transactions done on the GFIM shall be based on the
principle of delivery versus payment.
2. At the same time that cash settlement takes place, the settlement of
securities shall also take place.
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.
SETTLEMENT OBLIGATION
GFIM Dealing Member shall comply with the Clearing and Settlement Rules of the CSD as prescribed from time to time.
SETTLEMENT CYCLE
1. All trades in securities listed on the GFIM shall settle on a T+2 cycle or as may be determined by the GFIM from time to time.
2. A GFIM Dealing Member dealer may be permitted to settle a transaction on the basis of T+0 or T+1.
CASH SETTLEMENT
Funds or cash shall be settled at the Bank of Ghana.
SECURITIES SETTLEMENT
Securities settlement for transactions done on the GFIM shall be done using the depository system of the Central Securities Depository Ltd.
DELIVERY VERSUS PAYMENT
1. Settlement of transactions done on the GFIM shall be based on the principle of delivery versus payment.
2. At the same time that cash settlement takes place, the settlement of securities shall also take place.
GFIM (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.
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.
