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(GNBBA)




GHANA NATIONAL BID BOND AUTHORITY - (GNBBA)

The GNBBA was established by the procurement and development Act, 2006 (Act
724), which replaced Insurance Law, 1989 (P.N.D.C.L. 227). Its objective is to
ensure effective administration, supervision, regulation, monitoring and control
of the business development, to protect and assure the security of the
contractee fund and effective use of public fund.

The Ghana National Bid Bond Authority is governed by Agency Act 2006, ACT 724.
This Act complies significantly with the International Association of bid bond
i7. Insurance Supervisors (IAIS) Core Principles and gives better regulatory
powers to the procurement contracts. (See Act and Regulations for more
information on the Act).

The Act among other things prohibits composite procurement companies. This is to
make sure that every contractor completes his project on or before the given
time.

Ghana National Bid Bond Authority works in accordance with the law and to insure
that every contractor must make bid Bond deposits and the total money deposited
by the contractor will be refunded with an additional 2.5% interest rate of the
total amount deposited by the contractor. The 2.5% interest rate is calculated
monthly and must be refunded back to the contractor as the completion of the 70%
of the project.

“THE PURPOSE OF THESE GHANA NATIONAL BID BOND AUTHORITY GUIDELINES IS TO GUIDE
THE PURCHASE OF GOVERNMENT SECURITIES IN THE DOMESTIC MARKET TO THE PROVISIONS
IN THE PUBLIC FINANCIAL MANAGEMENT.”



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GHANA NATIONAL BID BOND AUTHORITY