By Daniel Bampoe
The Bank of Ghana (BoG) and the Ministry of Finance have released a revised list of Primary Dealers and Bond Market Specialists for 2025, reigniting political debate over the inclusion of Databank and Black Star Brokerage Limited—two firms that were vilified by the opposition National Democratic Congress (NDC) during the previous administration.
The new list, officially published by the BoG on April 14, 2025 (Notice No. BOG/FMD/2025/26), names both Databank and Black Star Brokerage Limited as among the eight institutions designated as Bond Market Specialists.
These firms are now mandated to handle the issuance of government bonds through the book-building process, a central mechanism for raising funds on the capital market.
While this development may appear routine, it carries a heavy political undertone.
A Political U-Turn?
During the 2016 and 2020 election cycles, the NDC—then in opposition—relentlessly attacked the New Patriotic Party (NPP) government, particularly then-Finance Minister Ken Ofori-Atta, over what they termed a blatant conflict of interest due to his co-founding of Databank.
Former President John Dramani Mahama, while campaigning in 2020, accused Ofori-Atta of using his position to benefit Databank financially through repeated Eurobond issuances. Mahama claimed:
“All he’s interested in is going on the bond market and borrowing money because he benefits from it indirectly. His company is at the bottom of borrowing all these Eurobonds… through proxies and other things. This is clearly conflict of interest. The President knows about this.”
These claims fueled public distrust and formed a significant part of the NDC’s anti-corruption campaign narrative, framing the Finance Ministry under the NPP as a profit center for close political allies.
But What’s Changed?
Fast forward to 2025, with President Mahama now back in power, and the same Databank and Black Star Brokerage Limited—targets of intense scrutiny—have been reappointed to the list of bond market specialists by a government under his leadership.
Critics argue this exposes glaring hypocrisy within the NDC.
“They demonized these firms for years, painting them as instruments of corruption. Now in government, they’ve quietly re-endorsed the very institutions they accused of profiteering,” Kennedy Osei Nyarko, MP for Akim-Swedru noted.
The inclusion of these firms also undermines the narrative that their presence on government financial instruments was solely due to political patronage.
With Ken Ofori-Atta no longer holding office and Databank still on the list, it suggests that the firm’s involvement is based on technical capacity, not political favour.
Industry Realities vs Political Rhetoric
Databank’s presence on the bond market predates Ofori-Atta’s tenure as Finance Minister.
Financial sector insiders have long argued that Databank earned its place based on its expertise and infrastructure, not just political connections.
The BoG’s latest move may reinforce this argument.
Similarly, Black Star Brokerage Limited, a firm that was largely unknown to the public until the NDC labeled it a political beneficiary, has also reappeared on the approved list, signaling official confidence in its technical abilities. Black Star Brokerage is believed to owned by former Minister of State at the Finance Ministry, Charles Adu Boahen.
Public Reaction and Implications
Many Ghanaians on social media have reacted with disbelief.
“So Ken Ofori-Atta is no longer Finance Minister, but Databank is still being used? They sold lies just to win political power,” one user wrote.
Others are calling on the NDC to explain the apparent contradiction between its past claims and its current administrative decisions.
For some, this is a moment of reckoning for Ghanaian politics—where populist accusations must eventually confront institutional realities.
In the end, the BoG’s notice may have revealed more about the nature of political discourse in Ghana than about the financial markets themselves: accusations made in opposition may not always survive the demands of governance.
Full List of Bond Market Specialists (2025):
1. ABSA Ghana Limited
2. Black Star Brokerage Limited
3. CalBank PLC
4. Databank Brokerage Limited
5. Ecobank Ghana PLC
6. Fidelity Bank Ghana
7. GCB Bank
8. Stanbic Bank Ghana
However, the reappointment of Databank and Black Star Brokerage under the Mahama administration lays bare the political expediency that often drives opposition narratives in Ghana.
It raises critical questions about whether campaign rhetoric around corruption and conflict of interest is rooted in genuine concern—or mere political theater.
