Opening Remarks by Governor, Dr. Ernest Addison, at the Launch of Guidelines for Repurchase Agreements

Ladies and Gentlemen, as we launch the GMRA-based guidelines to serve as regulatory guidance for the conduct of repos trading in Ghana, let me announce that Front Clear has offered to commission a Legal & Regulatory Review of the GMRA and ISDA enforceability in Ghana to secure ICMA and ISDA engagement and views towards a clean opinion for the country. This is a key milestone and we are grateful for their assistance. The Bank of Ghana will also issue a notice to clarify the eligibility of netting arrangements under the current Banks and Specialized Deposit Taking Institutions Act (BSDTI Act). The effective date to begin trading this GMRA-based repo guidelines shall be April 2, 2020.