INTRODUCTION
Bank Of Africa operates as a full- fledged Universal Bank licensed under the Banking law 2004 (Act 673). We are licensed by the Central Bank to carry out a full range of investment and portfolio management activities on behalf of customers and for our own account. Bank Of Africa is permitted to operate as a Primary/ Secondary Dealer for Government of Ghana (GoG) securities (T-Bills, Treasury Notes and Bonds) and other investment instruments.the Bank executes its investment management functions through its Corporate Treasury Department. The Department caters for both local and foreign investors.
The Bank has available the following local currency and foreign currency products and services:
LOCAL CURRENCY PRODUCTS
SHORT & MEDIUM TERM INSTRUMENTS
FIXED DEPOSITS
Features
- Placement of funds for a fixed period of time at an agreed rate
- Maturities range from 30days to 365 days
- Minimum deposit amount of GH¢5000
- Funds deposited are accessible only on maturity
- Third party investment allowed.
CALL ACCOUNTS
Features
- Placement of funds with no specified maturity period
- Investor need not have personal or corporate account
- Investor/ depositor can terminate arrangement by giving due notice based on an agreed notice period
- Minimum deposit amount of GH¢100,001
- Part of full amount deposited accessible any day on notice.
GOVERNMENT OF GHANA SECURITIES
TREASURY BILLS
Features
- 91-day bill
- 182-day bill
- Part or all of investment may be withdrawn (at a discount) before maturity
- Roll-over option (with or without interest)
- Third party investment allowed.
OTHER FIXED INCOME SECURITIES AVALABLE:
COMMERCIAL PAPERS
- Short term unsecured promissory notes issued by blue chip companies (high credit rating) at a discount for cash
- May be under-written by the banks in certain cases
- Maturities range from 30-270 days
BANKERS ACCEPTANCE
- Secured short term credit instrument issued by companies
- Backed by the bank?s guarantee
- Maturities range from 30-270days
- Pays a premium over 91-day T-bill rate
FOREIGN CURRENCY PRODUCTS AND SERVICES
Bank Of Africa is an authorized dealer in the Foreign Exchange Market and actively engages in the trading and management of foreign currency and accounts. We Offer a wide range of Forex products and services tailored to the needs of our customers. The various products on offer are highlighted below:
SPOT DEALS
Features and Requirements
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Sales or purchase of foreign currency against GH¢
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Settlement made within two (2) working days from trade date
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Prevailing spot rate applies
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The underlying transaction whall be governed by Bank of Ghana guidelines and relevant FOREX laws.
CROSS DEALS
Features and Requirements
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Sales or purchase of one foreign currency against another foreign currency
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Settlement made within two (2) working days from trade date
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Prevailing spot rate applies
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The underlying transaction shall be governed by Bank of Ghana guidelines and relevant FOREX laws.
FORWARDS
Features and Requirements
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Commitment to exchange one currency against another today at an agreed rate for delivery one specified future date.
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Settlement made at a date agreed by both parties
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Rates are negotiated
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Requires execution of formal Master Agreement between both parties
FOREIGN EXCHANGE ACCOUNT
This account enables you to deposit foreign currency for transfer to beneficiaries in Ghana.
FOREIGN CURRENCY ACCOUNT
This is a flexible account into which external tranfers can be received,and funds can be remitted outside the country without an exchange control approval.
HOW DO I INVEST?
An investor may pick up application forms from any Bank Of Africa business Office or download from the Bank's website, to invest or purchase securities through the primary auction or from the secondary market.
A foreign investor can invest directly through Bank Of Africa's correspondence banks or through their overseas bankers or asset managers, who will then contact our Treasury Department to initiate and execute the investment on the investor's behalf.
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