Bank of Ghana Publishes Revised List of Primary Dealers and Bond Market Specialists
The Central Bank has published a revised list of authorised Primary Dealers (PDs) and Bond Market Specialists (BMSs), in a move aimed at strengthening market structure and improving the efficiency of government securities issuance.
The updated list, issued via Notice No. BOG/FMD/2025/26 and effective April 14, 2025, reflects a recalibration of roles within the domestic debt market, aligning the regulatory framework more closely with current market dynamics and liquidity providers.
Twelve institutions have been confirmed as Primary Dealers — financial intermediaries licensed to participate directly in Treasury securities auctions. These include major commercial banks such as ABSA Ghana, Ecobank Ghana, Fidelity Bank, GCB Bank, and Stanbic Bank Ghana, alongside local brokerage houses like Databank Brokerage, Black Star Brokerage, and Obsidian Achernar.
Crucially, a subset of eight institutions have been appointed as Bond Market Specialists, authorised to participate in the issuance of longer-dated instruments via the book-building method. This cohort notably excludes some smaller PDs, reinforcing the role of the largest and most active market participants in secondary market development.
The Ministry of Finance, in partnership with the Bank of Ghana, said the revision is part of a broader effort to “enhance the functionality and depth of Ghana’s fixed income market,” at a time when the government is seeking to re-anchor its domestic financing strategy.
This revision comes as yields on short-term government paper have stabilised following months of volatility, with investors cautiously re-engaging in longer-dated instruments. The updated PD and BMS list signals the authorities’ intent to consolidate issuance activities among more reliable institutions and build investor confidence through consistent auction outcomes.
While the public notice offers no specific performance criteria for selection, industry participants suggest the decision reflects recent participation rates, balance sheet capacity, and compliance standards.
The move may further entrench the dominance of a few key players in Ghana’s government securities market, with implications for market concentration and competitive pricing. However, analysts view the consolidation as a necessary step towards building a more robust and transparent domestic debt market capable of supporting fiscal sustainability over the medium term.
