Accra: The Ministry of Finance, in collaboration with the Bank of Ghana (BoG), has successfully completed a review of the Primary Dealer system, resulting in the approval of a new list of institutions authorized to operate as Primary Dealers (PDs) and Bond Market Specialists (BMSs) within Ghana's domestic debt market.
According to Ghana Web, Primary Dealers are institutions that have the authorization to purchase government securities directly from the state during auctions and facilitate their resale to investors. Additionally, they play a crucial role in supporting trading in the secondary market, which helps maintain the bond market's activity and liquidity.
In a formal notice directed to all banks and non-bank financial institutions, with reference number BOG/FMD/2026/08, the Bank of Ghana announced the completion of the review of the Primary Dealer system. Consequently, a new list of Primary Dealers and Bond Market Specialists has been approved.
The updated list comprises 15 institutions from both the banking and securities sectors. This initiative is designed to enhance participation and improve the distribution of government securities, including Treasury bills and bonds.
The approved Primary Dealers include 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.
Out of these 15 Primary Dealers, six have also been designated as Bond Market Specialists. According to the notice, '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 chosen Bond Market Specialists are ABSA Ghana Limited, Stanbic Bank, CalBank PLC, GCB Bank, One Africa Securities Ltd, and Fincap Securities.
The book-building process, primarily employed for medium- to long-term government bonds, allows bond prices to be set based on investor demand, enhancing transparency and pricing accuracy in the market. The Bank of Ghana concluded the notice by advising the general public to be informed and guided accordingly.