Ghana’s money markets have been in rapid development across the past few years, including becoming the 4th country in Sub Saharan Africa to adopt an Insolvency Act. Many of these achievements have been booked relative to the repo market and the introduction of GMRA as the market standard.
Ghana’s market regulation model – the Ghana Fixed Income Market (GFIM) Committee – is an inter-institutional, formal collaboration that has helped press through necessary reforms. The International Capital Markets Association held an event dedicated to the market’s regulators and repo market practitioners.
Speakers shared the key points in their rapid development and the upcoming challenges and opportunities, including how this may provide a blueprint for securities lending and derivatives markets. One priority identified is to establish a transparent, credible funding curve on top of the emerging legal framework for repo markets, which have already lowered borrowing costs for banks. Another is what will be considered as eligible collateral instruments.