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Business News of Saturday, 23 November 2019

Source: laudbusiness.com

Ghana to get credit rating agency – GSE boss reveals

Ekow Afedzie, Acting Managing Director of the Ghana Stock Exchange (GSE) Ekow Afedzie, Acting Managing Director of the Ghana Stock Exchange (GSE)

The Ghana Fixed Income Market (GFIM) will be working closely with the Bank of Ghana (BoG), the Ministry of Finance, the Securities and Exchange Commission (SEC) to facilitate the establishment of a local credit rating agency in Ghana, Mr Ekow Afedzie, Acting Managing Director of the Ghana Stock Exchange (GSE), has said.

Mr Afedzie speaking at the launch of the Global Master Repurchase Agreement in Accra on 19 November 2019 said that the GFIM is also going to introduce Securities Lending & Borrowing, promote the corporate bond market and develop other fixed income securities such as Commercial Paper, Municipal bonds.

GFIM is a market that facilitates the secondary trading of all fixed-income securities and other securities to be determined from time to time.

In August 2015, the market was 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 Securities and Exchange Commission (SEC) is the Regulator.

The GFIM will “Collaborate with other stakeholders such as BoG, SEC and MoF to facilitate the establishment of a local credit rating agency.”