In a move to revamp Ghana’s bond market and strengthen investor confidence, the Bank of Ghana (BoG), working with the Ministry of Finance, has released a revised list of financial institutions approved to serve as Primary Dealers (PDs) and Bond Market Specialists (BMS).
This update, effective April 14, 2025, includes 12 banks and brokerage firms authorized to function as Primary Dealers — the exclusive entities allowed to participate in wholesale treasury bill auctions and distribute government securities.
In a significant development, 8 of these institutions have also been appointed as Bond Market Specialists. These selected entities will play a critical role in underwriting and distributing government bonds, enhancing liquidity and ensuring efficient price discovery in Ghana’s capital markets.
Here is the updated list of primary dealers:
- ABSA Ghana Limited
- ADB PLC
- ARB Apex Bank
- Black Star Brokerage Limited
- CalBank PLC
- Consolidated Bank Ghana Limited
- Databank Brokerage Limited
- Ecobank Ghana PLC
- Fidelity Bank Ghana
- GCB Bank
- Obsidian Achernar Limited
- Stanbic Bank Ghana
And the bond market specialists:
- ABSA Ghana Limited
- Black Star Brokerage Limited
- CalBank PLC
- Databank Brokerage Limited
- Ecobank Ghana PLC
- Fidelity Bank Ghana
- GCB Bank
- Stanbic Bank Ghana
What’s the big deal?
The Bank of Ghana is raising the bar. These designations come with strict responsibilities. BMS institutions, for instance, must have the capacity to support both the primary and secondary markets, including the ability to attract local and international investors, maintain high trading volumes, and deliver strong market analysis.
The goal? To deepen Ghana’s bond market, improve transparency, boost liquidity, and align the country’s financial infrastructure with global standards.
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