Can Telcos Survive the Economic Crisis

The troubles affecting the world's financial markets are having a knock-on effect on just about every business sector on the planet. However, the good news is that telecoms is suffering much less now than it did when it experienced its own recession at the turn of the decade. ... telecom telco economic crisis ernst young business



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Sector Focus - IT Healthcare - Bloomberg

Stimulating Healthcare Stocks - Analysis and Discussion with Bill Whyman of ISI Group (Taking Stock)



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ECB norms likely to be relaxed soon

Even as India Inc, infrastructure sector in particular, waits for the government to announce the second stimulus package, it can expect some good news regarding relaxation of norms for External Commercial Borrowings (ECBs) later this month. The wait for the second stimulus package may have just got longer, the Finance ministry is reviewing the ECB norms so as to liberalise them and make borrowings from overseas much easier. ... ECB infrastructure India Inc External Commercial Borrowings NDTV ...



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Sector Focus - Solar Energy - Bloomberg

Are Solar Stocks Still Hot? - Analysis and Discussion with Ishita Manjrekar of Primary Global Research (Taking Stock)



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Nuevos temores en el sector financieros

Los mercados en Europa abren esta mañana con recortes, en línea con el comportamiento que vimos ayer en EE.UU. El protagonista de las caídas es el sector financiero, con valores como ING, Fortis o Société Générale penalizando el Eurostoxx 50. También el sector asegurador está teniendo un mal comportamiento debido a una publicación por parte del Financial Times en la que afirma que las aseguradoras británicas podrían tener que ampliar capital por importe de 50.000 Mn GBP como consecuencia de ...



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The Effects Of The Credit Crunch

The global credit crisis, the financial headlines in recent months dominated, has continued to wreak their mischief throughout the UK. As it his way across the Atlantic last summer's credit crisis has taken its toll in all financial sectors, and has things difficult for both lenders and consumers. Many lenders have been hit hard since the crunch has resulted in greater difficulties, always in finance on the wholesale money markets and increased costs associated withLending between banks. This means that to find the lender, it is increasingly difficult and expensive to finance that they need to finance their loans.

In recent months a growing number of consumers have found that trying to get any form of credit has become more difficult and expensive, and that is because of the action taken by the lenders to try and get as far as possible from the impact of the crunch. Lenders have raised interest rates on various financialProducts, including mortgages, loans and credit cards, and also tightened their lending criteria, so that many consumers in the cold when it comes to finance. Many also have different financial products from the market and have their lending criteria which has receive funding also affects the ability of many consumers are changing.

The mortgage sector has been particularly hard hit by the impact of the credit crisis, and there were manychange when it comes to mortgage lending, as lenders try to work around the problems caused by the financial crisis. Seized since the last summer before the credit crunch, the number of mortgage products plunged by two thirds, leaving consumers with very little choice. First time buyers have been severely affected, and this is the result of lenders withdrawing 100% and the 125% mortgage, which are always popular for the first time among the buyers with little or no down payment. The situation wasmade worse by lenders now demanding a much higher deposit than the traditional 5% to provide their best offers, which require access to some creditors not less than 40% of the value of property by one, to gain access to competitive rates.

People with bad credit have also been hit hard because the lenders are far more cautious than they give, and those with damaged credit face an increased risk of rejection by the credit conditions that caused the global credit crisis.A combination of these cutbacks and changes in both the mortgage and general financial markets has resulted in serious difficulties for many people, and industry experts, including banking officials have said that the situation is set to later this year . Continue

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Islamic Banking and Finance - Riyazi Farook

islamicfinanceandbanking.blogspot.com Setting shariah standards Will consolidation take place in the Islamic finance sector, or will smaller institutions maintain their niche? And what about standardisation? Hammad Hassan, Executive Director, ABC Islamic Bank considers the issues.



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Financial Assistance Programs - Cooperative Christian Ministries - Concord, NC

The number of people living in poverty in Cabarrus County has increased 14% over the past ten years. The group with the highest rate of increase, from 10% in 1995 to 12.3% in 2005, is children (age 5 17) living in poverty in our community. Many of our schools across the region average around two-thirds of their students qualifying for the subsidized breakfast and lunch programs, indicating their familys economic situation. Our job market has shifted from a manufacturing base to a service ...



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QualityStocks Daily Video 03/29/2007

early-afternoon trading, but ultimately, that effort was met with resistance when the influential financial sector didn't show any lasting support. The weak showing by the financials (-1.22%) was linked to an assortment of concerns - subprime mortgage problems, housing market weakness, stock market volatility, the economic slowdown, and lackluster earnings growth - that clipped just about every industry group. The financial sector had plenty of company, though, as there wasn't a single ...



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The Five White Guys Who Run Wall Street

Chart analysis indicating what is really going on with the XLF financial sector ETF, Goldman Sachs, Bear Stearns and Lehman Brothers ... XLF GS BSC LEH goldman sachs bear stearns lehman bros kingcambo stocks stock market dow s&p charts financials TA



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Community banks become popular amid slowdown

Microfinance is a sector that has gained popularity in the present scenario of a financial crisis and a global economic slowdown. Well, community banks or cooperative credit societies are another kind of micro financing mechanism, which have now come to the fore. The reason being that large private banks are getting into a shell, shunning consumers due to lack of liquidity or fear of defaults. ... community banks loans slowdown NDTV Profit India



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Shai Agassi, Founder and CEO, Better Place

Shai Agassi "I think the sector will be one of the first out of the recession...People need to stop thinking of projects as slivers: a wind farm, electrification, battery exchanges, but start to put everything into one integrated project and when you put everything into one single unified project, all projects make sense. One plus one equals ten in that sense. ... new energy finance summit 2009 shai agassi Better Place hybrid cars renewables clean batteries ...



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Krishna Guha vs Sr. Professor of Business from NY

responds to a well informed caller from New York who argues that the Lehman Brothers collapse is tiny compared to the scope of declines in the Asian Stock Market, considering that much of these Asian stock buys were done with borrowed money from the banking sector. He then goes on to discuss having George W. Bush Jr. as his student years ago. One gets the impression that he was not impressed by Mr. Bush's study habits. ... Krishna Guha Financial Times C-SPAN Lehman Brothers Crisis Bank Wall ...



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Made in Germany | Exploring Logistics

Germany is in the midst of a financial crisis - the economy is in recession,production figures are falling and output is down almost everywhere. Despite that,the Hamburg logistics sector is convinced it will need new staff in the medium term. Companies want to attract school students as potential apprentices.Alarmed by projections of a future lack of qualified staff,logistics companies in Hamburg want to boost their public profile. Their message: the crisis will be overcome for the ...



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NZ Parliament Question Time Feb 9, 2009 Part 11 of 11

DARREN HUGHES to the Minister of Transport: Does he support the statement in the Speech from the Throne that of particular focus will be the development of new roading and public transport projects; if so, why? CRAIG FOSS to the Minister of Finance: What comments has the Minister seen following the Governments announcement last week to provide assistance to small and medium businesses? Hon TREVOR MALLARD to the Minister of Labour: What will be the gain in real income per week, adjusted ...



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Congressman Kanjorski Previews Systemic Risk Hearing

On March 5, 2009, Congressman Kanjorski appeared on Bloomberg TV to preview his House Financial Services Subcommittee on Capital Markets hearing on systemic risk in the financial services industry, and how to improve the ability of the government to prevent private sector activities from putting at risk the stability of the US economy. ... Kanjorski "systemic risk" AIG mark-to-market



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Tips For Financing Your Own Accounts

1. Why should your company's own credit accounts

Have you considered what happens when you sell your contracts to an external finance company? The reason that outside finance companies want that your orders for the same reason you might want to keep it. To take a certain risk, the forms out and earn money! However, you can lose up to half of your profits to sell if your contracts.

Consider the investment you already in your contracts. They all workrequired to produce the contract, then give them away to a finance company. The financing of companies will screen them and select only those contracts that match their needs and buy you a fee for them. Your cost is only a credit bureau report. If you have your accounts well enough to buy for others, but they are good enough for you. The only reason that their contracts for the purchase, because they are profitable. You already have the staff, a desk and a computer. AddGood special software, a supply of stationary and you are in the industry. One of my clients told us that there is work an average of 2 hours per day, 6 days a week or 12 hours per week to 480 accounts.

Financing is a business that earns money every day of the year. If your business is closed for a weekend or holiday, the interest will still be purchased on a daily basis. The interest is no free days or holidays. Payments can be in any day of the month and you also get cash-flowwithout reaching a conclusion. Here are some other reasons that you want to own financing contracts:

2. Save the discount percentage:

Most finance companies require a discount on your purchase contract. They would save that amount plus interest and fees make additional profit on the sale.

3. Customer loyalty:

If customers need your products or services, customer retention is much greater if they are already well-established credit with you. A customer comesback to you somewhere other than open another account. This is especially true if they worried that they can not prove a different credit card accounts are.

With your monthly statements that you communicate with your customers, 12 times a year. You can place advertisements in the statement envelopes and the cost is just the time to fill them.

An added bonus is that you are the person who calls your customers if they are late paying.

They have a great relationship with your financingCompanies, and they can take over your customers as you want, but many retailers say that they are people who lose badly treated by external financing companies have been too.

They have much better customer, if your own staff to develop a call for collections, because you have a vested interest. Take care of outside finance companies do not always see to your customer relationship.

Usually they help very little, or the placement of your customers. It is veryadvisable to know the financial situation of your customers. Because you control of the accounts that you know when a customer pays late. That gives an early warning to the account follow very closely.

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The Impact of Structured Finance on the Ghanaian Financial Services Industry in the Next 10 Years

The Company may issue bonds, to investors about the expected future profits that they arise from one part of the existing life policies, backed up.

When a pool of financial assets to finance (eg car, home or commercial mortgages, loans to companies, license fees, leases, non-performing assets and contractually obligated to be established, operating revenues), and a "Special Purpose Vehicle, or organizational transfer "(SPV or SPE) is known as securitization transaction.

In general, mostSecuritization transactions include a two-stage transaction, which is the originator of the securitized assets transfers such assets to a wholly SPV.In turn, the SPV transfers or pledges of assets to another company whose securities are traded on capital markets, which rated Collaterised by such assets. This second stage can be used for another person or an SPV multi-seller commercial paper conduit and the financing through the issuance of treasury bills or commercial paper.

Types ofSecuritization transaction

In general, with securitization transactions, the transfer of rights to assets, one of two main types, true sale or synthetic securitization.

1. True Sale Securitization

Sold in a true sale securitization, the originators sell (such as a mortgage bank's assets) to the Issuer. The assets of the servicer will say that happens, the originator, with respect to services the mortgages of the issuer (ie) and the authors continue to sellThe collection of principal and interest payments from the borrowers on behalf of the issuer on the mortgage and provide for all standard mortgage as well.

The meaning of true sale is that the first tier is the sale of assets from the originator to the SPV as a "true sale" so that the assets structure be removed before the bankruptcy or insolvency of the client and can not be captured again by trustees . Thus, the issuer usually as an insolvency remote units are integrated and can notresult in any transactions that are not necessary for the securitization, which will allow a "limited purpose" concept by virtue of the SPV not to issue additional debt or enter into mergers or similar transactions known effect.

The transactions can be carried out as a tube, where the buyer purchases and securitized assets from a number of different authors. This is evidenced by the funding by issuing commercial paper in the capital market. The banks are generallyrunning wires through the securitization arrangement for their clients or standalone in which the buyer buys only claims and issues such as asset-backed securities within a single securitization transaction. No commercial paper is issued.

It must be said here that the legal characteristics and the economic substance of the transaction, the primary factors as whether the transaction is a "true sale" is not a borrowing.

2. Synthetic Securitization

In a syntheticSecuritization transaction, the originator does not sell any assets to the issuer and thus receives no financial support or liquidity under the transaction. The author of a credit swap with the issuer in respect of an asset or pool of assets, the transfer of the originator's risk for the issuer. Is the subject of this contract, the issuer pays the originator of an amount incurred any credit losses in respect of such assets or a pool of assets. The Issuer (SPV) income streams in asynthetic transactions are fixed amounts, provided by the contractor under the credit default swap and interest paid amounts to be received on the collateral. These operations are usually performed to reduce the transfer of credit risk and regulatory capital requirements.

3. "Whole-business securitization

Apart from the two main forms above "thing" Securitization is sometimes used for a share of private finance or management buy-out of the originator.

This type ofSecuritization in the United Kingdom emerged. It's about providing a loan secured by a special purpose vehicle, to the corresponding author. The SPV issues bonds in the capital market and lends the proceeds to the originator. The starting point of the services of its obligations under the loan through the profits generated from the business plan. The author grants the security of most of its assets for the benefit of investors. In terms of cash flow, there are three common types of securitisationsTransactions:

Collaterised debt, which is similar to traditional asset-based loan. The debt instrument must not with the cash flow ration configure one of the pledged assets.

Pass-through is the easiest way to transfer assets with a regular cash flow holdings, through the sale of participation in the pool of assets, ie a contribution from the underlying assets, so that interest and principal payments in the underlying assets collected are given to the holders of securities;

Pay ThroughDebt, which is borrowing instrument, and not to participate. Investors in a pay-through bonds are not direct owners of the underlying assets, but only investors.

An important thing with SPV is that unlike ordinary operating companies to provide their instruments, as a rule for maximum flexibility, the instruments of special purpose entities provide for the company to only the forces that are necessary to achieve the purpose of securitization are. Thus, the SPV in a securitizationthe force have considered only the particular demands of the transaction, the output of the related capital securities purchase, and payments to them and so on.

The reason for this restriction is meant to keep the risks of its own insolvency of the SPV's as narrow as possible: the smaller the range of activities of the company, the less the risk of bankruptcy.

The securitization of the securitization of the underlying securities. Rating agencies spend muchTo value time, the credit risk for all securities in the securitization transaction. Other risks will be considered the deposit risk.-a risk that will be repaid a portion of the assets in the underlying pool in early May. Payments and settlements in Ghana are to be as good. Deferred income can reduce the weighted average life of the pool and as a result of investors put a lot of uncertainty about future cash flows.This can be achieved by separating the payment of principal and softenedInterest or the conversion of fixed rate variable rate again.

Third Party Risk

Assets are not the only factor in structured finance transaction. A servicer risk would be particularly strong in Ghana. This is the case that the acquisition will fail in the payments to investors, and performance tracking. As in Ghana, credit rating is not popular.

In a securitization or structured finance transaction, a number of third partyStakeholders that need to perform their various tasks in order to successfully proceed the transaction. "Time is money," it says. Other risks include managing third party in trust due to maintenance work in the event of servicer default to notifying investors and rating agencies of violations and defaults, and preventing the holding of cash payments servicer misuse of cash flows to compensate for a responsible manager of the competing interests within a transaction .

Financial risks (interest rate risk, foreignCurrency exposure, devaluation risk)

Financial risks usually cover interest rates, exchange rates and availability, currency and inflation risks. Inflation hits really the originator in a securitization transaction for reasons that could delay such as increasing the cost of the transaction completion. Some governments are also skeptical about foreign investment in their country to prevent and sometimes that the repatriation of funds from foreign nationals. The depreciation and interest onlysuch as inflation can also negatively impact on securitization especially if provision has not been much in the transaction was made for that. Russia is a good example. Funds are often cheaper than local ones, but given the fact that payment is directly sold to local demands, and paid in local currency, with foreign loans creating exposure to the risk of currency depreciation.

Political Risk

Since cross-border transactions are carried out, so that assets generate cash flows toin the domestic currency, while the securities that are backed by assets denominated in foreign currencies, there is a danger that, regardless of the credit strength of the underlying assets, the issuer might, on the payment. The following relevant political risks are known, are:

Expropriation risk:
The action of some of its owners for public use. This includes the act when a government takes over assets or accounts of the local parties in the case of a financialCrisis.

Nationalization:
Transfer of business from private to public ownership. This is not usually seen in the West than in South America and Africa. Regarding the political situation in Ghana, this is not provided.

Convertibility risk:
This is the danger that in a national crisis, the government could be a moratorium on all foreign currency debt because of a financial crisis in the country to impose.

Amendment of the Act:
The government's decision to change the lawsNight and this can affect a structured financing. Sometimes, for economic and political reasons, the tax laws enacted which could not discount the benefit of the author with regard to the cost increase to certain elements that could increase the purchase price of the product after completion of the securitization, and can, which may jeopardize if it is to succeed. For example, a fuel tax can affect the entire transaction, because of tax neutralitypriority securitization transaction.

Legal & Documentation risks
Following amendments to the Act mentioned in the political risk, are also potential legal risks to a securitization transaction inadequate legal, legislative and regulatory framework for fiscal, financial and money markets and securities. Sometimes the case, laws and regulations in the country is not developed. These issues are of great interest for investors and for that matter, the authors have to deal withthis risk.

In asset-backed securities (ABS), but the legal and documentation risks include uncertainties arising from the transfer of assets from the seller / originator to the SPV (ie "true sale") the need to ensure that the holders of the ABS full control over the underlying assets, the insolvency strength of the issuing SPV.

This is necessary to examine all agreements relating to the separation of the SPV by the seller, the statutory duties of the trustee and servicer for allCrop respective jurisdiction, including Ghana and operational risks associated in connection with the execution of payments and receipts of transactions.

Based on changes in deal structures and taking into account the legal and financial environment of Ghana, legal and documentation risk will be very high.

Regulatory Risk
The risk that authors and other lenders are not treated fairly. There should be a fixed profit-sharing regulation, regulations on financial instruments valued and mostimportantly, what structure should the SPV that issues the securities.

Capital Risk
This risk, in which the questions related to or sliced into tranches of securities brings conflicting interests that can not be checked if a proper allocation of disturbing claims until the end investors. The key to structured finance transaction is the payment waterfall, the covenants for the payment of interest and the principal and the allocation of losses set by the investors.This can be over collateralisaton tests that the presence of sufficient collateral in the underlying pool of assets to ensure ordered to cover debt repayments, and interest coverage test to ensure that sufficient interest proceeds to cover the note interest payments to the owners.

Degree of risk
Rating agencies have typically would evaluate the totality of the risks involved in each transaction an evaluation before assignment to the security. Thus the potential for deficitsof claims and the adequacy of credit enhancement, to ensure that the end-investors, they are the right level of default risk. Cross-border transactions require specific analysis, for example, limiting the potential that could for the valuation of the notes because of the potential failure of the government and the possible application of a moratorium by the government in times of crisis.

Benefits of securitization
The use of securitization is not a specific and clearly definedAsset or income. The application extends beyond the existing banking financial products and equity financing arrangements. The challenge is the approach to the subject to a Securitization, and the ability to measure their impact on the future of the company. This follows from the fact that securitization cash flow and not earnings-driven improvement.

In general, securitization can offer the following benefits, and we would be analyzed later to see whether itTake advantage of Ghana.

Efficient access to capital markets: When transactions are structured, for example, with ratings from a recognized rating agency for the majority of the claims, the pricing is not tied to the creditworthiness of the originator. This is very important if the author is not creditworthy.

Restriction on issuer-specific ability to raise capital is to be reduced: securitization may reduce a company's inability to raise capital because the capital will be increased under securitizationDepending on the conditions, credit quality or credit rating, prepayment assumptions and market conditions.

Illiquid assets are converted into cash: Securitization facilitates the assets that are otherwise not sold on their own, combine that can be output to a diversified collateral pool against debts to create.

Raising capital will be increased to generate additional securities: capital can quickly as the release of long-term capital for all permissible purposes, such as completing the capital projectand the acquisition of additional resources.

Match assets and liabilities to minimize the risks: a well-structured securitization transaction could create near-perfect matching of duration and cash flow lock in an interest rate spread between that earned on the assets and pays on the debt. This means that a commercial entity in Ghana have sufficient resources, without necessarily providing collateral security as may increase the transfer of risk.

Ability to raise capital without a prospectus-type publication date: AConduit securitization transaction allows you to raise capital without revealing confidential information of any kind, in fact, information confidential.

Complete mergers and acquisitions, divestitures and efficient: Assets can be combined or transferred efficiently under securitization transaction. Adopted by the division of assets into smaller parts, against the debt, it may become possible with other business entities that are no longer profitable to do.

Transfer RiskThird: the financial risks of loans and other contractual commitments, customers can partially transferred to investors through securitization.

Further financing through bank loans: A structured securitization transaction enables the author to increase the funding, while the right, the profit on the debts. However, these funds will not be linked to the credit, but the rating is made to the SPV for securitizationTransaction. Through the integration of an offshore SPE, as many businesses in Ghana will increase with poor credit ratings may be funding for a particular purpose.

The effect of the securitization of bank loans and credit aggregates is likely to a decrease in the amount of credit extended by the monetary sector and the removal of similar magnitude in M3. This means that the banking sector, including its balance sheet by offsetting a portion of the loans against some M3deposits.However, the original borrower or obligations, but the SPV is not a bank and institutional investors still own assets that are now tradable securities that are not M3 deposits.

Structure of Financial System in Ghana
The financial system consists of
1. Bank of Ghana
I. Savings and loans bank
II, Discount Houses
III. Finance Houses
IV leasing companies
V. Forex Bureaux
2. Securities and Exchange Commission
I. floorExchange
II Brokerage Firms
III. Investment Management Company
IV Board of Trustees and Custodians
3. National Insurance Commission
I. Insurance
Second insurance
III. Reinsurance companies

The banking system in Ghana is structured to serve the needs of all citizens as much as possible. At the end of 2005, the banking sector by commercial banks, universal banks, commercial banks, development banks, ARB Apex Bank has been together, and banks in the country, with aOverall growth of the assets of 17.62%.

The Non-Banking Financial Institutions (NBFI) sector is composed of savings and loans companies, discount houses, finance companies and leasing companies together. Total assets for the non-banking financial institutions also grew by 47,98%, which were triggered mainly by loans and loans, investments, other assets and property. The discount houses hold 82,61% of the total investment NBFI sector.

The new banking lawEnsuring justice, law 673, recorded in 2005 for his work with its higher capital ratio requirements, new penalties, and higher governance standards that banks generally remained compliant with regulatory and supervisory requirements.

The securities market in Ghana

Stock exchanges in Africa are facing a number of challenges before it could enter into a new phase of rapid growth. The crucial question is to eliminate existing barriers to institutional developments. Theseinclude a wider dissemination of information in these markets, the implementation of rugged electronic trading systems and the adoption of the central depot systems. Ghana has since a central depository system in November 2004.

The Ghana stock market is regulated by the SEC. The Ghana Stock Exchange is underdeveloped with respect to the exchange in the U.S., Europe and even South Africa. In South Africa, for example, market capitalization of 180 billion U.S. dollars, one of the largestMarket in the world with Ghana, the market capitalization of 11 billion U.S. dollars.

Given that Ghana has had only a securitization transaction structured finance, with no records for research, and the position of Ghana macro-economic situation, it was found expedient to look for the securitization in South Africa. Although securitization transaction is still in an early stage of development in South Africa, it has grown considerably in recent years, and it would be an appropriate"Benchmark" by which to carve Ghana's securitization transaction.

According to the information available was the first securitization of mortgage securitization in South Africa aim developments were very slow to 11 years. Then in 1992, Corporate Securitization equipment rentals and leases was applied to 1997 through the 2000s with the securitization of receivables, properties, discount future flows in future cross-border traffic and CLOs.

South Africa motive forSecuritization transaction was of more efficient financing and profit maximizing benefits, improving the balance sheet and financing relationship, improved risk management and lower economic and regulatory capital requirements, among other things.

Although the securitization transaction is still in its infancy in South Africa, available records show that the exhibition is held with domestic banks in South Africa (ie private banks) from R250 million in 1989 increased to a whopping R26Billion by the end of October 2005. Based on a recent study conducted in the UK market, which demonstrates that securitization provides investors the opportunity to achieve a higher return after tax, compared with after tax return on equity is created by the property-related investments, securitization in South Africa is used as acquisition currency tool in acquisition of property and as a portfolio optimization tool and the unleashing of value.

Securitization schemes in South Africa comparesare international regulatory practices similar to those in the United States of America and to regulate the manner, with the securitization of assets and income is derived from the originator to the SPV and transfer efficiencies and operational aspects of the SPV.

There is some disagreement in the South African market in terms of ensuring compliance with Regulation Securitization. One focuses on the use of specific words "bank or deposit-taking institution" that comes only South African banks cansecuritisation.The disagree is on non-compliance as appropriate when a company or other than a bank, is a securitization.

The onus of the matter is that securitization transaction is within the regulation as an activity that is not limited to the activities of the bank designated under certain conditions, so that other companies start out as a bank for securitization transaction.

The Ghana Securities Exchange Commission does not report for 2004Mince words about the position of the Ghana stock market. It reported that "despite the modest decline in the index performance as a percentage of the GSEs still held its position as one of the best performing stock exchanges in the world in 2004 for the second time in succession." Market capitalization of listed companies on the Ghana Stock Exchange was up 84.90 trillion to 97.61 trillion cedis cedis expressed by only 12.6 cedis.In trillion dollars, went to the market capitalization of 654.0%from U.S. $ 1.43 billion at the beginning of 2004 to U.S. $ 10.8 billion in late 2004.

Unlike the stock market, was the band in 2004, representing a relatively small "a serious challenge for the development of the market by the Commission." The sales value of listed corporate bonds in 2004 was U.S. $ 606,600 in 2003 to U.S. $ 73,414 a decrease of 87%, while government bonds also increased by 71%. The value of listed corporate bonds in 2004 was U.S. $ 6.79 million compared to US8.98 million in 2003.

TheCorporate bond market remained relatively calm. But the dollar traded in the corporate bond market area increased by $ 41,783 to $ 115,200.

The government of Ghana is committed to municipal, corporate, government and agency bonds for work in the primary market to improve. As a result, the bank increased accountability and transparency in accordance with International Financial Reporting Standards (IFRS) best practices in financial reporting and disclosures in the2005th
Together with that other relevant national measures were to be strengthened to revive revenue collection and public expenditure to reduce domestic debt to GDP ratio is to consolidate. As a result, the government launched a program leading to the reduction of domestic debt to GDP ratio to enable, the private sector, credit and growth process.

The importance of the Bank of Ghana in the financial system is that the bank providers of technicalSupport for the legal and regulatory reform of financial system in order to minimize risks and monitor the right to security, especially in electronic transactions, and various financial laws in the various stages of development.

There is no doubt that the people learn from the experiences of others so that the countries on the successes and failures of other nations, particularly with regard to something new and complex as the concept of securitization transaction. It is recommended Securitizationin Ghana is modeled on the experience of securitization transactions in South Africa with some changes in the legislation to fit the situation in Ghana.

Ghana's private sector is struggling with a lot of restrictions on, no doubt, but the other side is that there are so many possibilities, either unused or unidentified comparative and other natural and mineral resources already in large quantities. There is potential for more efficient use of these foundations. Butcontinued dependence on a few products with low prices and wages in the strong international competition in global markets, slow the country vulnerable to distress the left. These products could be structured and securitized.

Training of players of securitization transactions want to have the originator, servicer, legal, accounting consultants, accountants and others are continually on the technique of securitization transaction from now until the take-off. It should notbe no mediocrity, as the characteristics of the government and the authorities.
To investors and potential authors must also have the advantages of securitization as an alternative to traditional capital accumulation in addition to equity and debt capital, which is common to the Ghanaian economy, educated. Better understanding of the cash flow drivers behind securitization transactions, credit rating agencies and credit enhancement issues. This would be a strong desire to trigger for thisForm of investment in the Ghanaian company brought in the race to compete positively to the international level.

The technical grasp the inner techniques correctly analyze the separation of wealth and income is derived from the company that it to the SPV, which is intended to have the assets for the benefit of the investors in control, is needed from the investment community to understand.

A lack of real understanding of the drivers behind a securitization transaction thatAbility to impact on future operations as well as measure the initial costs involved in securitization creates difficulty in clearly defining the real incentives for implementation of securitization in South African companies. Thus a comprehensive understanding of these companies will increase among the Ghanaian securitization transaction.

One question that arises is solved as well make the tax laws of the securitization work. Ghana operates a free zone regime and this canenhanced to promote securitization transaction. Certain areas within the country could nurture a "free zone for the use Securitisation'and" as a tax haven "and are assigned to care for Securitization in Ghana.

The regulatory environment is being carried out by the securitization process, coupled with the capital market infrastructure to support competitive rates for all risks associated with all forms of securitization conduit transaction, synthetic or "whole-business" associated with.

Finally, it is recommended thatResearch into the legal framework for insolvency, tax, legal and commercial matters relating to structured finance and securitizations should be promoted especially in the Ghanaian universities.

Ghana has in fact an enabling environment for securitization transaction. Key points of this drive may also include above extension of existing laws such as taxation, bankruptcy and commercial law matters referred for the treatment of securitization transaction.

Ghanaians are strong-willed,strong and patient. If the expertise is available for the securitization of the training of players, the good governance of other key government measures such as MIDR and strategy for the years 2004-2008, the improvement of the Ghana School Financing activities they will serve as a catalyst for the securitization acquired.

Given the experience of South Africa in the past ten years, the experience of developed economies in securitization transaction and the macroeconomic and investmentClimate remains as it is now, better in the next 10 years, Ghana is not too far away from the recording securitization transaction, if not already there.

Reference:
1. "Securitization in Southern Africa, a revolution for the local funding" by Bagley et al (2003) Fitch Ratings are available online accessed 20/07/2007
2. "Securitization: A public tool?" Treasury Working Paper, by Davis, N, available online treasury.govt.nz / working papers / access20/07/2007
3. "Securitization". Wikipedia, the free encyclopedia. Reference.com accessed 25th February 2007.
4. "Consider Securitization contribute to liquidity in the South African property market" by Eugene G van den Berg, accessed on 04/08/07 vinodkothari.com accessible
5. "Note on the impact of the securitization transaction on credit extended by banks in December 2005 Quarterly Bulletin of N. Gumata and J. Mokoena
6. "The Awakening of securitization in Southern Africa," Van Vuurenavailable online vinodkothari.com / secafric.htm
7. Africa-Ghana organization in the informal sector (on line) Available from oecd.org / dataoecd / html (accessed 29 April 2006)

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