The Ministry of Finance, together with the Bank of Ghana (BoG), has completed a review of the Primary Dealer system and approved a new list of institutions to operate as Authorised Primary Dealers (PDs) and Bond Market Specialists (BMSs) in Ghana’s domestic debt market.

Primary Dealers are institutions authorised to buy government securities directly from the state during auctions and help resell them to investors. They also support trading in the secondary market, helping to keep the bond market active and liquid.

In a notice to all banks and non-bank financial institutions, referenced BOG/FMD/2026/08, the Bank of Ghana announced 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”.

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The updated list includes 15 institutions from both the banking and securities sectors. This move is aimed at strengthening participation and improving the distribution of government securities such as Treasury bills and bonds.

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.

Out of the 15 approved Primary Dealers, six have also been selected 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 selected Bond Market Specialists are ABSA Ghana Limited, Stanbic Bank, CalBank PLC, GCB Bank, One Africa Securities Ltd and Fincap Securities.

The book-building process is mainly used for medium- to long-term government bonds. It allows bond prices to be determined based on investor demand, which can improve transparency and pricing in the market.

“The general public is hereby notified and advised to be guided accordingly,” the Bank of Ghana concluded.

See the full list below:



MA

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