The London Stock Exchange (LSE) has agreed to cooperate with Ghana to develop some of the capital markets infrastructure that can sustain and deepen the financial markets in Ghana. The partnership is set to deepen and tighten harmonisation and also help develop some of the capital market infrastructures that can sustain the financial markets in Ghana.
A cooperation agreement was reached when a Ghanaian delegation led by the Vice – President, Dr. Mahamudu Bawumia, held a joint meeting with the leadership of the LSE, led by Nikhil Rathi, CEO and Director of International Development of the LSE, on the sidelines of the Ghana – UK Business Council meetings in London on Monday, February 25, 2019.
According to Vice President Bawumia, cooperation with the LSE will 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 Beyond Aid Agenda, our financial systems should be robust enough to support local businesses as well as international investors. We consider cooperating with the LSE as a step in the right direction“, Dr. Bawumia indicated.
On his part, Nikhil Rathi pledged the support of the LSE through its emerging markets office and the African Advisory Group which was set up specifically to help countries such as Ghana to realise their ultimate dream of building a robust financial system that could be a key participant in the global capital markets just like the London Stock Exchange.
A working group to be led by Ghana’s Ministry of Finance and the Emerging Markets Division of the LSE are to see to the effective realization of the objects of the cooperation agreement.
The recent financial sector reforms and the performance of the country’s macro indicators continue to impress the international financial community, leading to significant interest and investment flows. Last year, for instance, Ghana overtook the West African giant, Nigeria, in Foreign Direct Investment (FDI) inflows.
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.
Some government officials who accompanied the Vice President to meeting include Papa Owusu Ankomah, Ghana’s High Commissioner to UK, Alan Kwadwo Kyerematen, the Minister of Trade and Industry, Professor George Gyan-Baffour, the Minister of Planning, Charles Adu Boahen, a Deputy Minister of Finance and Yofi Grant, the Chief Executive Officer of the Ghana Investment Promotion Centre.