Last year saw key developments on the Ghanaian securities market, due in part to the launch of the Real Time Gross Settlement (RTGS) system by the Ghanaian Central Securities Depositary (CSD) in the latter part of 2013. This has introduced more automation in the settlement of securities transactions and resulted in a reduction of settlement risk. The CSD and the Ghana Stock Exchange Securities Depository concluded a merger as part of an attempt to bring transparency to operations.

The Ghana Securities and Exchange Commission (SEC) is advocating the creation of an infrastructure fund to facilitate the issuing of bonds to finance infrastructure projects, and is working to establish a Ghana Commodity Exchange.

The Bank of Ghana will be developing a new set of foreign exchange regulations and code of conduct to guide operations in the foreign exchange market. The Bank of Ghana is also in discussions with the country’s ministry of finance to allow foreign participation in one and two-year tenor Government of Ghana securities transactions.

“Holistically, the changes that have occurred in 2014 and that are planned for 2015 onwards are extremely positive for investment in the Ghanaian market and therefore the sub-custody business,” says William Sowah, head of investor services for Stanbic Bank in Ghana.