The Bank of Ghana is introducing a new wholesale auction system that will increase competition and improve standards among dealers within its retail and treasury bill system. This was announced by an official of the Bank, Dr. J.K Kwakye, at a seminar on wholesale auction of Bank of Ghana and government of Ghana Securities in Sunyani. Under the new system, customers will no longer deal directly with the Bank of Ghana but will obtain requisite information from Commercial Banks.
Dr. Kwakye mentioned four accredited brokerage firms which are permitted by the Bank of Ghana to participate in the proposed wholesale auction system. They are Gold Coast Security Limited. National Trust Holding Company Limited, Strategic African Securities and Data Bank Financial Services. He said the new system will take care of both short and medium term financial instruments. The Brong Ahafo Minister, Mr. I.K Adjei-Mensah, called on the Bank of Ghana not only to define the objectives of the new system, but also break down all technicalities involved for the ordinary man to understand.
He said even though Ghana has achieved goodwill from international markets, the long-term national interest demands the establishment of a viable, self-reliant and different domestic capital mobilisation as an alternative. A private business consultant, Mr. Kwabena Agyeman-Gyewu who presided over the function, called for proper education of the masses to clear problems that would crop up during the implementation of the new system.
