The Ministry of Finance has concluded a review of the Primary Dealer (PD) and Bond Market Specialist (BMS) system, appointing 15 financial institutions to serve as Primary Dealers in the issuance of Government of Ghana Treasury Securities.
In a notice issued by the Public Debt Management Office, the ministry announced the appointments following consultations with key regulatory stakeholders. The Primary Dealers include ABSA Bank, Ecobank Ghana, Societe Generale, Stanbic Bank, and Standard Chartered Bank among the banking institutions.
Additional banks appointed to the list are ARB-Apex Bank, CalBank PLC, CBG Bank, Fidelity Bank Ghana, and GCB Bank. Securities firms selected include Constant Capital Ltd, Fincap Securities, Laurus Africa, One Africa Securities Ltd, and Strategic African Securities.
Primary Dealers are institutions authorised to purchase government securities directly from the state during auctions and help resell them to investors. They support trading in the secondary market, helping to keep the bond market active and liquid.
Six institutions from the Primary Dealers have been designated as Bond Market Specialists to support the issuance of Government of Ghana Treasury Notes and Bonds. The Bond Market Specialists are ABSA Bank, Stanbic Bank, CalBank PLC, GCB Bank, Fincap Securities, and One Africa Securities Ltd.
Bond Market Specialists use the book-building process, typically for medium to long term bond issuance, which allows pricing to be determined through investor demand. This approach enhances transparency and potentially improves price discovery in the domestic bond market.
The ministry encouraged the public to extend the necessary support to the newly appointed institutions.
The appointments follow a comprehensive review of the Primary Dealer system conducted by the Ministry of Finance in collaboration with regulatory authorities. The updated list includes both banking and securities sector participants, signaling an effort to deepen market participation and strengthen distribution capacity in the government securities market.
