The London Stock Exchange (LSE) has agreed to co-operate with Ghana to build partnerships, deepen and tighten harmonisation, as well as help develop some of the capital markets infrastructure that can sustain and deepen the financial markets in Ghana.
The co-operation agreement was reached when a Ghanaian delegation, led by the Vice-President of the Republic, Dr Mahamudu Bawumia, held a joint meeting with leadership of the London Stock Exchange, led by Mr Nikhil Rathi, Chief Executive Officer (CEO) and Director of International Development of the LSE, on the sidelines of the Ghana-UK Business Council Meeting in London yesterday.
According to Vice-President Bawumia, co-operation with the LSE would help facilitate Ghana’s desire to become the financial services hub of Africa.
“Back in Ghana, we are aiming at a Ghana beyond aid. This requires that we put together the right economic policies capable of delivering on the ‘Ghana beyond Aid’ agenda; our financial systems should be robust enough to support local businesses, as well as international investors. We consider co-operating with the LSE as a step in the right direction,” Dr Bawumia indicated.
Mr Nikhil pledged the support of the LSE through its emerging markets office and the African Advisory Group, which was set up specifically to help countries like Ghana realise their ultimate dream of building a robust financial system that can be a key participant in the global capital markets just like the LSE.
A working group, to be led by Ghana’s Ministry of Finance and the Emerging Markets Division of the LSE, is to see to the effective realisation of the objects of the co-operation agreement.
Recent financial sector reforms and performance of Ghana continues to impress the international financial community, leading to significant interest and investment flows into the country. Last year, for instance, Ghana overtook the West African giant, Nigeria, in foreign direct investment (FDI) flows.
With such significant strides, Ghana is poised to become the leading financial services hub in Africa. This, however, requires substantial improvements in the existing financial services infrastructure.
Among the delegation from Ghana who attended the meeting are Papa Owusu Ankomah, Ghana’s High Commissioner to UK; John Alan Kwadwo Kyerematen, Minister for Trade and Industry; Prof George Gyan-Baffour, Minister for Planning; Charles Adu Boahen, a Deputy Minister for Finance; and Mr Yofi Grant, CEO, Ghana Investment Promotion Centre.
Source: The Finder