Based on my over 20 years of experience in the Ghanaian banking sector, including senior roles in compliance and lending at institutions like Ecobank Ghana, I’ll provide the filled-in blanks with explanations grounded in regulatory and practical contexts. The Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and Bank of Ghana directives emphasize these concepts for risk management and ethical practices. Answers are structured for clarity, with each blank addressed sequentially.

• “One of them relates to a document that is a Negotiable Instrument issued from a creditor to a debtor, but it is not channelled through the Clearing System, however, it can be discounted. This is known as a Promissory Note.”
  Explanation: A Promissory Note is a negotiable instrument under the Bills of Exchange Act, 1961 (Act 55) in Ghana, where the maker (debtor) promises to pay the payee (creditor). It’s not cleared like cheques but can be discounted for early cash, common in trade finance at banks like GCB Bank.
• “Kojo was amazed to be told that one can assume a Secondary Liability for a debt, default and miscarriage of another person and he is known as Guarantor.”
  Explanation: A Guarantor assumes secondary liability via a guarantee agreement, liable only if the principal debtor defaults. This is regulated under Act 930, Section 88, for securities in lending, reducing bank risk as seen in corporate loans at Stanbic Bank Ghana.
• “As part of the Anti-Money Laundering processes, Know Your Customer (KYC) is the process of identifying your clients and checking they are who they say they are.”
  Explanation: KYC is a core AML/CFT requirement under the Anti-Money Laundering Act, 2008 (Act 749) as amended, and BoG’s AML/CFT Directive 2020. It involves ID verification, beneficial ownership checks, and ongoing monitoring to prevent illicit funds, as enforced post-2017 banking cleanup.
• “It was stated that Financial Instruments to be sold could either be for a short term or long term and the market for Short Term Securities is called Money Market.”
  Explanation: The Money Market deals in short-term instruments (up to 1 year) like Treasury Bills, aligning with Ghana’s interbank market overseen by BoG for liquidity management.
• “Whereas the market where the instruments are initially traded before they can be re-sold is also known as Primary Market.”
  Explanation: The Primary Market is for initial issuance of securities, such as government bonds via BoG auctions, before secondary trading on the Ghana Stock Exchange (GSE).
• “It is also refreshing to note that there exist a Financial Instrument which is also short term in nature under which credit worthy borrowers are able to borrow directly from corporate bodies. It is known as Commercial Paper.”
  Explanation: Commercial Paper is an unsecured short-term note issued by creditworthy firms, traded in the money market. In Ghana, it’s used by large corporates under BoG guidelines for efficient borrowing without bank intermediation.
• “During the discussion it came to light that as a Lender of Last Resort the Bank of Ghana (BoG) decided to increase the rates at which it provided loans to the other banks.”
  Explanation: BoG acts as Lender of Last Resort under the Bank of Ghana Act, 2002 (Act 612), providing emergency liquidity at the Monetary Policy Rate (MPR), which was hiked during 2022-2023 inflation spikes post-DDEP to stabilize the sector.
• “One of the customers exclaimed that as a Depositor he has deposited his land document at the bank for Safe Keeping, and should he decide to use it to secure a business Loan Facility he will be known as Mortgagor and the bank will be Mortgagee.”
  Explanation: Safe custody of title deeds is a banking service under customer relationships (Act 930, Section 52). In mortgaging, the borrower (Mortgagor) pledges land to the bank (Mortgagee) as security, per the Mortgages Act, 1972 (NRCD 96), common in SME lending for collateral.

This fills all blanks practically, ensuring compliance and operational relevance.