EFTA01379405.pdf

22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Regulatory framework and approach ▪ The Bank of Ghana (BOG) is responsible for both exchange rate and monetary policy (http://www.bog.gov.gh) ▪ The cedi is fully deliverable and convertible however liquidity for deliverable forwards is very tough and market is virtually nonexistent for offshores. GHS products DI spot Avg. ticket size: USD 0.5-1.5mn Bid/ask spread: GI-IS 0.05 Avg. daily volume: USD 2-5mn Trading hours: 10:00-14:00 London Offshore GHS products Non-Deliverable Forward (NDF) Avg. ticket size: USD 2-5mn Liquid tenors: <1Y Bid/ask spread: GHS 0.10-0.20 Ref. source: EMTA approved dealer poll conducted by REUTERS (GHSFIX=TR) Deutsche Bank Securities Inc. Page 61 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076864 CONFIDENTIAL SDNY_GM_00223048 EFTA01379405