According to a notice issued on April 14, 2025, and signed by Sandra Thompson (Ms), Secretary to the Bank of Ghana, a total of 12 institutions have been approved as Primary Dealers, while eight of those have also been selected to function as Bond Market Specialists responsible for the issuance of government bonds through the book-building process.
The approved Primary Dealers—who are exclusively mandated to participate in the wholesale auction of treasury bills, and to market and distribute such securities—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
Out of these, the following eight institutions have been granted the additional status of 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
Bond Market Specialists (BMS) have exclusive rights to participate in the primary issuance of all Government of Ghana Treasury bills, notes, and bonds, whether via auction or other means. As part of their mandate, they are expected to meet stringent requirements, including possessing strong underwriting, distribution, and marketing capabilities both locally and internationally.
Furthermore, BMS must demonstrate robust secondary market activity and maintain significant trading volumes in support of Ghana’s fixed income market.
This new designation is part of the central bank’s efforts to deepen Ghana’s bond market, improve liquidity, and ensure efficient pricing of government securities. It also reinforces the government’s broader objective of strengthening financial market infrastructure to support sustainable economic growth.
The general public and all market participants are advised to take note of the updated list and be guided accordingly. The Bank of Ghana affirms that this review is integral to its continued reforms aimed at enhancing transparency, efficiency, and investor confidence in Ghana’s capital markets.
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