The International Capital Market Association (ICMA) has announced the publication of a new Global Master Repurchase Agreement (GMRA) legal opinion for Ghana. The publication was done on August 8, 2024.
Following member requests, ICMA commissioned a legal opinion for Ghana that covers the enforceability of the netting provisions of the GMRA, as well as the validity of the GMRA as whole, under the laws of Ghana.
Commenting on the publication, the Bank of Ghana said: “The Bank of Ghana is proud of this development as this opinion provides comfort to market players and foreign investors that GMRA and the Global Master Securities Lending Agreement (GMSLA) are legally enforceable under Ghanaian law and bears testament to the continuous efforts of the Bank of Ghana and other financial sector regulators to improving the efficiency, depth and policy transmission flow in the financial markets of Ghana”.
ICMA promotes well-functioning cross-border capital markets, which are essential to fund sustainable economic growth. It is a not-for-profit membership association with offices in Zurich, London, Paris, Brussels, and Hong Kong, serving over 620 members in 68 jurisdictions globally.
Its members include private and public sector issuers, banks and securities dealers, asset and fund managers, insurance companies, law firms, capital market infrastructure providers and central banks.
ICMA provides industry-driven standards and recommendations, prioritising three core fixed income market areas: primary, secondary and repo and collateral, with cross-cutting themes of sustainable finance and FinTech and digitalisation.
ICMA works with regulatory and governmental authorities, helping to ensure that financial regulation supports stable and efficient capital markets. www.icmagroup.org, @ICMAgroup
