Financial Infrastructure Boosted
Professor George Gyan-Baffour, Deputy Minister of Finance and Economic Planning says the Delta Dealing System, a state-of-the-art electronic trading platform that promotes transactions among financial institutions, will help push forward the frontiers of financial infrastructure and investment management in Ghana.
According to him, the new electronic system brings a lot of benefits to the financial intermediation sector.
The minister said this at the launch of the system which was developed by Delta Community Group of Switzerland.
The Delta Dealing System will engender efficient, transparent and competitive money market environment, increase regulatory strengthening, oversight supervision of secondary market as well as enhance the fiduciary responsibility of dealers, he emphasized.
The product, which was produced based on intuitiveness, is also flexible enough to be tailored to suit different types of clients.
For universal banks and integrated investment banks, their treasury staff in headquarters will have real time connectivity with branches and customers while their employees will deal with multiple counterparties simultaneously.
For brokerage houses, Delta will help automate back office functions and increase the speed and efficiency of operations through dealing and trading in real time.
With regard to companies that deal with large amounts of forex transactions- for instance mining companies that need to convert revenue retention into cedis to fund local operations, and mobile companies who generate revenue in cedis and need forex to meet external commitments, Delta will enable their treasury staff to deal with all their relationship banks simultaneously, bringing new efficiencies to order execution.
Frank Tawiah, Managing Director of 1st Equatorial Trust Ltd., local partners, said adopting Delta as a single, integrated trading platform for forex and debt securities will help promote best business practices for market participants, increase regulatory strengthening, oversight and supervision.
By Charles Nixon Yeboah