BOG has set October 1, 2020 as the Go Live date for the trading of Repos in Ghana, based on the Global Master Re-Purchase Agreement legal document (GMRA). This is contained in a notice signed by Ms. Sandra Thompson, the general secretary of the bank.
“Following the launch of the Guidelines for Re-Purchase Agreements in Ghana, the Bank of Ghana wishes to inform the general public of the Go Live date of 1st October 2020 for the trading of Repos in Ghana, based on the Global Master Re-Purchase Agreement legal document”.
The rest of the notice reads;
“To operationalize the GMRA based trading, the Bank of Ghana hereby prescribes the following directives to all banks and eligible Repo counterparties as follows:
“All banks are to execute a GMRA with each other by 15th September 2020.
“With effect from 1st October 2020, all Repo trading in Ghana shall be governed by the GMRA legal documentation.
“All eligible Repo counterparties are to fully comply with the “Guidelines for Re-Purchase Agreements in Ghana” document, which is available on the BoG website.
“Repo counterparties may use the appropriate systems to facilitate their conduct of GMRA – based Repos.
“The buyer of a Repo Security shall mark-to-market using Bloomberg as a pricing source. Where Bloomberg does not price a Repo Security, the buyer and seller shall agree a price for this purpose.
“The buyer shall apply a haircut at the initiation of the Repo transaction.
“Full close-out netting shall apply in the event of default”.
In a separate notice, the BOG informs the general public that the Monetary Policy Committee (MPC) of the Bank of Ghana will hold its 96th Regular Meetings from Tuesday, September 22, 2020 to Friday, September 25, 2020 to review developments in the economy.
“The MPC meetings will conclude with a press conference on Monday, September 28, 2020 to announce the decision of the Committee”, the statement concludes.
