FIXED INCOME MARKET

SUMMARY OF STATUS REPORT SEPTEMBER 2019

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MEMBERSHIP

GFIM as at the end of September 2019 has 39 registered members categorized as follows:

LICENSED DEALING MEMBERS PRIMARY DEALER 1. African Alliance Securities Limited 1. Access Ghana Limited 2. Black Star Brokerage Limited 2. ARB Apex Bank 3. Bullion Securities Limited 3. Barclays Bank Ghana Limited 4. Databank Brokerage Limited 4. Cal Bank Ghana Limited 5. EDC Stockbrokers Limited 5. Limited 6. Gold Coast Brokerage Limited 6. Limited 7. Republic Securities Ghana Limited 7. Fidelity Bank Ghana Limited 8. IC Securities Limited 8. GCB Bank Limited 9. NTHC Ltd 9. Ghana Limited 10. Prudential Stockbrokers Limited 10. Limited 11. SBG Securities Ghana Limited 11. Limited 12. SIC Limited 12. Standard Chartered Bank Limited 13. Strategic African Securities Limited 13. Universal Merchant Bank 14. UMB Stock Brokers Ltd

NON - PRIMARY DEALER BANKS 1. Agricultural Development Bank 2. Bank of Africa Ghana Ltd 3. Ghana Ltd 4. First National Bank Limited 5. FBN Bank Ghana Ltd 6. Heritage Bank Ltd 7. 8. 9. Republic Bank Ghana Limited 10. Sahel Sahara Bank Ghana Limited 11. UBA Ghana Limited 12. Zenith Bank Ghana Ltd

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SUMMARY OF SECURITIES  Benchmark Securities: 8 5yr Government bond- 5 7yr Government bond- 1 10yr Government bond- 1 15yr Government bond- 1  Non-Benchmark Securities: 23 3yr Government bond-10 5yr Government bond- 6 6yr Government bond- 1 7yr Government bond- 3 10yr Government bond-2 20yr Government bond-1  Treasury Notes: 22 1yr Government note- 7 2yr Government note- 15  Treasury Bills:71 364 day bill- 21 182 day bill- 26 91 day bill- 13 182-day Cocoa Bill- 11  Local US dollar 3-year bond-1  Eurobond-9  Corporate Bonds

AFB Ghana Plc 18 Bayport Financial Services (Ghana) 9 Edendale Properties 2 Izwe Ghana 6 PBC Ghana Limited 1 E.S.L.A. Plc 3 Ghana Home Loans Limited 2 Ghana Home Loans Limited (US Dollar) 3 Bond Savings and Loans Ltd 14 Quantum Terminal Ltd 1 Dalex Finance and Leasing Company Ltd 1

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TOTAL OUSTANDING GOVERNMENT SECURITIES AS AT AUGUST 2019

2019 2018 TENOR OF SECURITY AMOUNT GH₵ AMOUNT GH₵ 91-DAY 6,516,540,793 5,036,662,504 182-DAY 3,387,470,868 3,107,676,162 364-DAY 5,402,903,176 - 1-YEAR 2,794,123,598 2,494,514,696 2-YEAR 12,939,104,206 8,999,931,867 3-YEAR 11,444,420,161 11,996,461,930 5-YEAR 14,909,301,432 12,160,659,758 6-YEAR 1,780,734,816 - 7-YEAR 4,143,434,481 2,857,388,228 10-YEAR 8,665,116,177 7,861,167,635 15-YEAR 5,314,651,561 4,793,780,961 20-YEAR 162,131,557 - TOTAL 77,459,932,826 59,308,243,741

SECURITIES TRADED IN SEPTEMBER

ISSUER NAME DESCRIPTION VALUE TRADED NUMBER OF TRADES BAYPORT FINANCIAL 3-YEAR BOND 32,713.91 2 ESLA 7-YEAR BOND 43,610,294.88 51 ESLA 10-YEAR BOND 207,226,795.09 88 QUANTUM TERMINAL 10-YEAR BOND 17,523,345.70 3 IZWE LTD 3-YEAR BOND 789,270.79 1 GOVT OF GHANA 91-DAY BILL 143,951,147.44 6,647 GOVT OF GHANA 182-DAY BILL 42,520,715.75 1232 GOVT OF GHANA 364-DAY BILL 54,616,951.63 355 GOVT OF GHANA 1-YEAR NOTE 4,613,841.62 36 GOVT OF GHANA 2-YEAR NOTE 396,246,844.10 739 GOVT OF GHANA 3-YEAR BOND 918,187,616.80 501 GOVT OF GHANA 5-YEAR BOND 555,400,429.73 641 GOVT OF GHANA 6-YEAR BOND 72,664,716.52 39 GOVT OF GHANA 7-YEAR BOND 86,571,725.49 107 GOVT OF GHANA 10-YEAR BOND 1,058,335,207.78 147 GOVT OF GHANA 15-YEAR BOND 28,903,511.30 45 GOVT OF GHANA 20-YEAR BOND 45,800,167.55 22 COCOA BOARD 182-DAY BILL 362,511,931.10 791 BARCLAYS BANK OF 3,712,999.80 12 GHANA* TOTAL 4,043,220,226.98 11,459 * This is not listed on the Ghana Fixed Income Market

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GHANA CORPORATE SECURITIES

SUMMARY OF CORPORATE BONDS LISTING

Name of Issuer Number Amount Raised Shelf Registration GH¢ GH¢ Izwe Loans Ltd 6 80.00 million 80 million AFB Plc 18 287.07 million 300 million Edendale Properties Ltd 6 32.65 million 50 million Bayport Financial Services 9 308.84 million 500 million Ghana Home Loans 2 19.00 million 380 million PBC Ltd 2 362.30 million 400 million ESLA Ltd 3 6,000.00million 10,000million Bond Savings & Loans 14 62.13 million 100 million Quantum Terminal Ltd 1 45 million 140 million Dalex Finance Company 1 20.00 million 150 million TOTAL 62 7,216.99 million 12,100 million

SEPTEMBER CORPORATE ZOOM-IN

QUANTUM TERMINAL LTD

was incorporated, under the Companies Act, as a private limited liability company on March 24, 2011 with registration number “CA-87, 037”. The Companies Registry issued QTL with a certificate to commence business with effect from March 25, 2011.

QTL was re-registered on May 5, 2014 with a new company registration number of “CS4144762014” as required by the Companies Registry under the e-registration system.

Pursuant to the establishment of a Note Programme on the Ghana Fixed Income Market, QTL was converted into a public limited liability company on October 31, 2016 upon a resolution of the QTL Board passed on September 20, 2016 and a resolution of the shareholders of the QTL with a new company registration number of “PL000372016”.

QTL MARKET STATISTICS

TRADES DONE SO FAR

SECURITY TRADE VOLUME YEAR TRADED

10 YEAR BOND 5,271,621,023 2018

10 YEAR BOND 17,523,345.70 2019

TOTAL 5,289,144,369

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VOLUME OF TRADES MONTH CSD BLOOMBERG 2019 2018 2017 2019 2018 2017 January 3,223,772,603 3,310,692,897 3,005,951,273 255,030,000 158,577,000 320,384,000 February 4,426,450,387 4,258,519,930 1,921,050,863 306,885,000 295,088,000 44,477,000 March 4,175,583,301 3,160,168,133 2,474,848,604 219,275,000 51,600,000 266,392,000 April 3,749914,983 1,801,991,461 1,867,904,509 98,229,000 97,200,000 192,371,000 May 4,573,641,343 3,164,111,390 2,118,923,894 188,848,000 34,000,000 143,650,000 June 4,736,961,689 3,285,363,905 1,650,430,204 546,730,000 482,740,000 120,545,000 July 4,803,944,134 2,961,819,671 1,766,518,140 182,257,000 548,047,000 84,287,000 August 4,481,385,617 3,358,380,590 5,028,535,721 685,566,000 658,394,000 244,746,000 September 4,043,220,226 3,491,312,515 2,082,485,694 261,863,000 473,026,000 145,194,000 October 3,067,371,443 1,818,679,237 262,240,000 47,513,000 November 2,904,757,781 2,264,724,234 276,221,000 158,612,000 December 3,100,828,155 4,703,651,380 262,055,000 71,478,000 TOTAL 38,215,489,263 37,865,317,843 30,703,703,753 2,744,683,000 3,599,188,000 1,839,649,000

CAPIZAR ATS MONTH 2019 2018 January 150,000 - February - - March 73,502 - April - - May - - June - 430,000 July - 300,000 August - - September - - October -

November 169,433

December - TOTAL 223,502 899,433

NUMBER OF TRADES (2017 TO 2019)

MONTH CSD BLOOMBERG 2019 2018 2017 2019 2018 2017 January 8,009 7,521 18,487 83 108 84 February 7,724 5,960 7,281 84 62 32 March 10,214 5,706 11,012 72 27 254 April 8,079 8,176 6,900 74 36 106 May 11,113 8,674 6,319 77 21 101 June 8,861 6,384 8,643 59 132 82 July 10,819 5,746 10,165 72 126 62 August 11,136 6,824 9,283 161 182 86 September 11,459 6,106 8,119 72 118 99 October 8,197 6,655 101 57 November 7,050 7,126 102 46 December 6,476 7,274 98 64 TOTAL 87,414 82,820 107,264 754 1,113 1,073

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RANKINGS FOR SEPTEMBER 2019 (BASED ON VOLUME TRADED)

SELL SIDE

VOLUME TRADED TOTAL MARKET TRADES SHARE % 1. STANDARD CHARTERED BANK GHANA 551,374,152.85 2,312 13.64 2. ACCESS BANK GHANA LIMITED 480,679,259.36 361 11.89 3. STANBIC BANK GHANA LIMITED 476,335,458.53 859 11.78 4. ECOBANK GHANA LIMITED 471,336,969.61 3,219 11.66 5. GCB BANK LIMITED 432,836,857.00 836 10.71 6. NATIONAL INVESTMENT BANK 400,626,793.36 10 9.91 7. BARCLAYS BANK GHANA LIMITED 353,492,145.42 626 8.74 8. ZENITH BANK GHANA LIMITED 174,786,164.21 494 4.32 9. BLACK STAR BROKERAGE LIMITED 127,648,203.17 121 3.16 10. FIDELITY BANK (GHANA) LIMITED 96,362,233.53 791 2.38 11. GUARANTY TRUST BANK (GHANA) LIMITED 91,738,411.13 368 2.27 12. DATABANK BROKERAGE LIMITED. 60,944,162.64 78 1.51 13. CAL BANK LIMITED 57,237,665.03 307 1.42 14. IC SECURITIES (GHANA) LIMITED. 39,320,501.87 31 0.97 15. SOCIETE GENERALE GHANA LIMITED 36,425,139.85 387 0.90 16. CONSOLIDATED BANK GHANA LTD 31,096,880.18 178 0.77 17. STRATEGIC AFRICAN SECURITIES 27,682,490.05 55 0.68 18. FIRST ATLANTIC BANK 25,865,510.60 10 0.64 19. GHANA LIMITED 22,431,034.63 53 0.55 20. REPUBLIC BANK (GHANA) LTD 22,620,013.66 35 0.56 21. EDC STOCKBROKERS LIMITED 12,426,871.71 21 0.31 22. FIRST NATIONAL BANK GHANA LIMITED 11,523,558.43 6 0.29 23. BANK OF AFRICA GHANA LIMITED 11,206,182.82 7 0.28 24. NTHC SECURITIES LIMITED 10,000,001.04 9 0.25 25. OMNIBANK GHANA LIMITED* 6,191,397.10 1 0.15 26. SIC BROKERAGE LIMITED 5,639,523.71 93 0.14 27. * 2,661,540.47 132 0.07 28. UNIVERSAL MERCHANT BANK LIMITED 676,460.53 40 0.02 29. TEAK TREE BROKERAGE LIMITED* 558,510.80 4 0.01 30. PRUDENTIAL BANK LIMITED 493,477.22 3 0.01 31. CAL BROKERS LIMITED. 474,904.85 4 0.01 32. REPUBLIC SECURITIES GHANA LIMITED 455,738.44 3 0.01 33. BANQUE SAHELO-SAHARIENNE POUR 61,271.18 4 0.00 L'INVESTISSEMENT ET LE COMMERCE 34. GHL BANK LIMITED* 10,742.00 1 0.00 TOTAL 4,043,220,226.98 11,459

*These are not brokers/dealers registered under the Ghana Fixed Income Market.

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BUY SIDE

VOLUME TRADED TOTAL MARKET TRADES SHARE % 1. GCB BANK LIMITED 525,645,925.62 842 13.00 2. ECOBANK GHANA LIMITED 501,972,930.26 3171 12.42 3. ACCESS BANK GHANA LIMITED 459,781,412.74 277 11.37 4. STANBIC BANK GHANA LIMITED 435,477,101.69 847 10.77 5. STANDARD CHARTERED BANK GHANA 429,737,793.30 2247 10.63 6. BARCLAYS BANK GHANA LIMITED 248,140,353.56 594 6.14 7. ZENITH BANK GHANA LIMITED 176,276,741.05 491 4.36 8. BLACK STAR BROKERAGE LIMITED 130,939,854.09 136 3.24 9. DATABANK BROKERAGE LIMITED. 132,936,010.04 107 3.29 10. FIDELITY BANK (GHANA) LIMITED 125,362,406.67 795 3.10 11. GUARANTY TRUST BANK (GHANA) LIMITED 120,999,262.29 376 2.99 12. CONSOLIDATED BANK GHANA LTD 121,464,526.01 174 3.00 13. UNITED BANK FOR AFRICA GHANA LIMITED 118,360,672.99 66 2.93 14. IC SECURITIES (GHANA) LIMITED. 90,615,293.94 71 2.24 15. BULLION SECURITIES LIMITED 67,463,260.08 26 1.67 16. SOCIETE GENERALE GHANA LIMITED 62,477,089.85 385 1.55 17. STRATEGIC AFRICAN SECURITIES 54,051,752.26 112 1.34 18. SIC BROKERAGE LIMITED 54,380,276.41 142 1.34 19. EDC STOCKBROKERS LIMITED 40,884,116.81 27 1.01 20. CAL BANK LIMITED 34,129,524.93 240 0.84 21. PRUDENTIAL BANK LIMITED 31,033,329.18 6 0.77 22. FIRST ATLANTIC BANK 23,106,434.60 9 0.57 23. FIRST NATIONAL BANK GHANA LIMITED 22,888,829.22 10 0.57 24. REPUBLIC SECURITIES GHANA LIMITED 16,431,425.76 66 0.41 25. FBN BANK GHANA LIMITED 3,999,996.94 1 0.10 26. BANK OF AFRICA GHANA LIMITED 3,279,205.97 2 0.08 27. REPUBLIC BANK (GHANA) LTD 2,767,703.12 34 0.07 28. ARB APEX BANK LIMITED 3,112,515.01 7 0.08 29. BANK OF GHANA* 2,661,540.47 132 0.07 30. UNIVERSAL MERCHANT BANK LIMITED 676,460.53 40 0.02 31. TEAK TREE BROKERAGE LIMITED* 657,253.77 6 0.02 32. CAL BROKERS LIMITED. 508,481.75 5 0.01 33. CHAPEL HILL DENHAM SECURITIES GHANA 334,911.51 3 0.01 LIMITED 34. PRUDENTIAL STOCKBROKERS LIMITED 307,200.48 2 0.01 35. SERENGETI CAPITAL MARKETS LIMITED 151,191.69 2 0.00 36. AFRICAN ALLIANCE SECURITIES GHANA LIMITED. 75,268.78 1 0.00 37. BANQUE SAHELO-SAHARIENNE POUR 61,271.18 4 0.00 L'INVESTISSEMENT ET LE COMMERCE 38. FIRSTBANC BROKERAGE SERVICES LIMITED.* 60,160.43 2 0.00 39. GHL BANK LIMITED* 10,742.00 1 0.00 TOTAL 4,043,220,226.98 11,459

*These are not brokers/dealers registered under the Ghana Fixed Income Market.

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