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The Central Securities Depository Ghana (CSD) and the Ghana Stock Exchange Securities Depository (GSD) Company Limited have merged into a single entity. An agreement was signed for the merger of the two entities on Tuesday, 24th December at the Bank of Ghana. The CSD is wholly owned entity of the Central bank established in 2004 to manage the issue, redemption and maintain the records of ownership of securities issued by Government of Ghana, Bank of Ghana and the Ghana COCOBOD. The GSD was however established by the Ghana Stock Exchange in 2008 as a subsidiary to provide custody for securities listed on the Ghana Stock Exchange and also to provide for the dematerialization of share certificates. The merger is expected to provide greater efficiency in handling investor records and significantly reduce transaction and operational cost of running the two accounts. The Highlights of the agreement are as follows: 1. The CSD shall be the surviving entity. 2. Effective date of the merger is January 1, 2014. 3. The issued shares of 3,500,000 of the CSD will be maintained. 4. Bank of Ghana will own 82% of the new company and transfer 18% to the Ghana Stock Exchange. 5. The GSE will be allowed to increase its shareholding up to 30% within one year at a price existing at the time of the merger 6. The new board of directors will be appointed by the two shareholders to manage the affairs of the company. Mr Stephen Tetteh maintains his position as Chief Executive officer while Mrs. Melvin Amoafo, the current executive director of the GSD assumes position of the Deputy Chief Executive. All staff of the GSD will be absorbed into the new company. 7. The merger entity will handle securities listed and unlisted on the Ghana Stock Exchanges as well as Government of Ghana and Bank of Ghana instruments, Cooperate Bonds and Money Market Instruments. It will also operate the registrar services under the licence granted by the Securities and Exchange Commission. 8. The Merger will provide a common depository platform for the two institutions and harmonization of trading as well as clearing and settlement practices. This will generate benefits and thus create significant additional value for all market participants. Speaking to Citi News at the signing ceremony at Bank of Ghana today, Deputy Managing Director of the Ghana Stock Exchange, Ekow Afedzi indicates that the merger provide convenience to investors. �Bringing them together will provide a one stop shop for investors. You can go to that depository and get your statement for T-bills, bonds, shares at a go than to go CSD and then to GSD to get two different statements. It will bring about efficiency and reduce the cost of transactions generally�