GMRA/GFIM for repos “game-changer” – Bawumia

Vice-President Dr. Mahamudu Bawumia has lauded the country’s efforts at addressing some of the existing gaps in the financial markets as he launched the guidelines for the Global Master Repurchase Agreement (GMRA)/Ghana Fixed Income Market (GFIM) for Repurchase Agreements (repos) in Ghana.

Dr Bawumia was grateful for the introduction of GMRA based on repos as he expressed confidence that the step will lead to a broadening of the scope of financial instruments and ultimately help deepen the market.

“With this, Ghana joins Mauritius and South Africa as the only countries in sub-Saharan Africa to have this framework for financial securities markets. It is a game-changer for Ghana,” Dr. Bawumia stated at an event to launch the guidelines for GMRA/GFIM for repos in Accra on Tuesday, 12 November 2019.

He said the Akufo-Addo-led New Patriotic Party (NPP) government remains committed to supporting the financial sector to play its role in the ‘Ghana Beyond Aid’ agenda.

“It is for the demonstration of this commitment that the government has given its support to the Bank of Ghana (BoG), the Securities and Exchange Commission (SEC) and all relevant stakeholders in the recent financial sector clean-up. By the time the different clean-up activities are complete, we would have positioned this country on a solid foundation for economic growth,” he added.

Dr. Bawumia lauded the efforts of the BoG, the GFIM Governing Council, and all other partners including Frontclear, and the ICMA for the technical support in ensuring that Ghana establishes the GMRA/GFIM.