In a move to tighten the bolts of Ghana’s financial market, the Bank of Ghana and the Ministry of Finance have updated the list of institutions that can officially operate as Primary Dealers (PDs) and Bond Market Specialists (BMS).
As of April 14, 2025, twelve institutions have been authorized as Primary Dealers—meaning they’re the only ones allowed to take part in the wholesale auction of treasury bills and help distribute them.
These institutions are:
- 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
But that’s not all. Eight of these twelve have earned an extra badge as Bond Market Specialists (BMS).
These guys won’t just help issue government bonds—they’re expected to bring real firepower: top-tier marketing skills, solid trading volumes, and serious street cred both locally and globally.
The following eight institutions have been granted this status:
- ABSA Ghana Limited
- Black Star Brokerage Limited
- CalBank PLC
- Databank Brokerage Limited
- Ecobank Ghana PLC
- Fidelity Bank Ghana
- GCB Bank
- Stanbic Bank Ghana
This shake-up isn’t just about titles. It’s part of the Bank of Ghana’s bigger mission to deepen the bond market, improve liquidity, and ensure that government securities are priced fairly and transparently.
Bond Market Specialists are expected to meet rigorous standards, including strong underwriting, distribution, and marketing capabilities.
They must also demonstrate significant secondary market activity and ensure robust trading volumes to support Ghana’s fixed-income market.
At its core, this is about making Ghana’s financial system sharper, stronger, and more attractive for investors.
The Bank of Ghana is committed to ensuring a more transparent, efficient, and investor-friendly market environment.
