Bank of Ghana Updates List of Primary Dealers and Bond Market Specialists to Boost Financial Markets
ACCRA, April 14, 2025 — The Bank of Ghana, in partnership with the Ministry of Finance, has released a revised list of institutions authorised to operate as Primary Dealers (PDs) and Bond Market Specialists (BMS), a move aimed at deepening the country’s financial markets and enhancing transparency in government securities trading.
In a notice signed by Ms. Sandra Thompson, Secretary to the Bank of Ghana, 12 financial institutions have been approved as Primary Dealers, with eight of them designated as Bond Market Specialists.
Approved 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
These PDs are mandated to participate in the wholesale auction of treasury bills and to market and distribute government securities.
Institutions with Bond Market Specialist Status:
- ABSA Ghana Limited
- Black Star Brokerage Limited
- CalBank PLC
- Databank Brokerage Limited
- Ecobank Ghana PLC
- Fidelity Bank Ghana
- GCB Bank
- Stanbic Bank Ghana
BMSs are uniquely tasked with participating in the primary issuance of all Government of Ghana securities, including treasury bills, notes, and bonds through auction and other mechanisms. They are also expected to maintain strong underwriting, marketing, and distribution capabilities, and be active in the secondary market to ensure liquidity and efficient pricing.
This update aligns with the central bank’s broader goals of financial market reform, increasing investor confidence, and supporting sustainable economic development.
The Bank of Ghana advises all market participants and the general public to take note of the updated list and operate accordingly, as part of ongoing efforts to build a stronger and more transparent capital market in Ghana.
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