Full list: Institutions cleared as BoG’s new Primary Dealers and Bond Market Specialists
The Ministry of Finance, in collaboration with the Bank of Ghana, has completed a review of the Primary Dealer system and approved a new list of institutions to operate as Authorised Primary Dealers and Bond Market Specialists in the domestic debt market.
In a notice issued to all banks and non-bank financial institutions under reference number BOG/FMD/2026/08, the central bank announced the outcome of the review, stating that the authorities had “completed a review of the Primary Dealer system and has approved a new list of Primary Dealers and Bond Market Specialists, detailed below”.
The revised list of Primary Dealers features 15 institutions drawn from both the banking and securities sectors, signalling an effort to deepen participation and strengthen distribution capacity in the government securities market.
The approved Primary Dealers are ABSA Ghana Limited, CALBank, Ecobank Ghana, GCB Bank, Fidelity Bank Ghana, Stanbic Bank, CBG Bank, ARB-Apex Bank, Standard Chartered Bank, Societe Generale, One Africa Securities Ltd, Fincap Securities, Laurus Africa, Strategic African Securities and Constant Capital Ltd.
Primary Dealers play a critical role in underwriting and distributing government securities, supporting secondary market liquidity and participating in auctions of Treasury bills and bonds. Their designation confers specific obligations and privileges within the domestic debt market architecture.
Out of the 15 approved Primary Dealers, six institutions have additionally been selected as Bond Market Specialists for the issuance of government bonds through the book-building process. The notice stated: “The following institutions out of the PDs have been selected as Bond Market Specialist for the issuance of Government Bonds through the book-building process.”
The designated Bond Market Specialists are ABSA Ghana Limited, Stanbic Bank, CalBank PLC, GCB Bank, One Africa Securities Ltd and Fincap Securities.
The book-building process, typically used for medium- to long-term bond issuance, allows pricing to be determined through investor demand, enhancing transparency and potentially improving price discovery in the domestic bond market.
The central bank concluded the notice by informing market participants that “The general public is hereby notified and advised to be guided accordingly.”