Full List: Approved primary dealers and bond market specialists in Ghana

The Bank of Ghana and the Ministry of Finance have updated the list of institutions allowed to operate as Primary Dealers (PDs) and Bond Market Specialists (BMS). This change aims to strengthen Ghana’s financial market.

As of April 14, 2025, twelve institutions are authorized as Primary Dealers. These dealers can participate in wholesale auctions of treasury bills and help distribute them.

The twelve authorized 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

Additionally, eight of these twelve have also become Bond Market Specialists.

These specialists will issue government bonds and bring strong marketing skills. They are expected to maintain solid trading volumes and credibility both locally and globally.

The eight institutions granted BMS status are:

- ABSA Ghana Limited
- Black Star Brokerage Limited
- CalBank PLC
- Databank Brokerage Limited
- Ecobank Ghana PLC
- Fidelity Bank Ghana
- GCB Bank
- Stanbic Bank Ghana

This update is part of a larger effort by the Bank of Ghana. The goal is to deepen the bond market, improve liquidity, and ensure fair pricing for government securities.

Bond Market Specialists must meet strict standards. They need strong underwriting, distribution, and marketing capabilities.

They should also show significant activity in the secondary market with robust trading volumes. This supports Ghana’s fixed-income market.

Overall, this initiative aims to make Ghana’s financial system sharper and more attractive for investors. The Bank of Ghana is dedicated to creating a transparent and efficient market environment.