BY Daniel Bampoe
A quiet but significant shake-up in the bond market architecture is exposing the far-reaching impact of the ongoing crackdown on former Finance Minister Ken Ofori-Atta, as institutions linked to his era—including Databank—have been removed from the country’s revised Primary Dealer and Bond Market Specialist framework.
The changes, announced through a formal notice by the Bank of Ghana in collaboration with the Ministry of Finance under the current President John Mahama administration, mark a major restructuring of the institutions authorised to participate in government securities trading and bond issuance.
The review has effectively reset the composition of key market players at a time when the state is pursuing Ofori-Atta over multiple corruption-related allegations.
From Dominance To Removal
Under the previous arrangement introduced during the Akufo-Addo administration, Databank—co-founded by Ofori-Atta—featured prominently as both a Primary Dealer and a Bond Market Specialist.
Databank was maintained in an earlier list released by the current managers of the economy before it was yanked off in a rather new revised list.
Its inclusion had long been a subject of political controversy, with the then-opposition National Democratic Congress (NDC) accusing the government of creating an uneven playing field by allowing a firm linked to the sitting Finance Minister to benefit from state bond transactions.
That criticism has now come full circle. In the newly revised list, Databank has been completely removed—just as Black Star Brokerage Limited, a firm linked to former minister of state Charles Adu Boahen.
Both institutions were initially captured in earlier list but were dropped following intense public backlash over perceived conflicts of interest tied to the previous administration.
Sources familiar with the review process indicate that an earlier version of the updated list briefly included Databank before it was withdrawn after renewed public scrutiny.
The initial list reportedly contained fewer institutions, but subsequent revisions expanded the number while simultaneously excluding controversial entities.
New Entrants Reshape Market Structure
In place of the removed firms, new and previously less prominent players have emerged. Among the most notable additions is Strategic African Securities, associated with businessman and traditional leader Togbe Afede XIV, whose entry into the bond market framework has drawn attention given his influence in both business and public discourse.
Other firms such as Constant Capital Ltd and Laurus Africa have also been included in the expanded list, which now features up to 15 Primary Dealers compared to the smaller earlier configuration.
Despite the expansion, only a select group of institutions—including ABSA Ghana Limited, Stanbic Bank, CALBank, GCB Bank, One Africa Securities, and Fincap Securities—have been designated as Bond Market Specialists responsible for the issuance of government bonds through the book-building process.
Political Undertones And Policy Shift
The restructuring is widely seen as part of a broader recalibration of the financial governance under the NDC government.
Since assuming office, the administration has intensified legal and institutional actions against Ofori-Atta, who is currently facing extradition proceedings and corruption charges linked to, among others, the Strategic Mobilisation Limited (SML) contract.
The removal of Databank from the bond market ecosystem appears to reflect a deliberate attempt to address long-standing concerns about conflicts of interest that dominated political discourse during Ofori-Atta’s tenure from 2017 to 2023.
Critics had argued that his dual role as Finance Minister and co-founder of a major investment firm created ethical questions regarding state financial dealings.
Continuity Vs Reform Debate
However, the transition has not been without controversy. Analysts point out that while the government is distancing itself from institutions tied to the former minister, it is simultaneously maintaining continuity in the broader financial system by retaining major commercial banks and securities firms that have long participated in government debt operations.
This balancing act—removing politically sensitive entities while preserving market stability—highlights the complexity of reforming a deeply interconnected financial sector.
A Broader Power Shift
Beyond technical adjustments, the new list signals a shift in influence within the capital markets. The emergence of figures like Togbe Afede XIV and the inclusion of new securities firms suggest a redistribution of opportunities and access in the bond market space, moving away from the dominance of institutions associated with the previous administration.
