Bank of Ghana partners Bank of England to share expertise

BY: Enoch Darfah Frimpong

The Bank of England (BoE) has unveiled a new partnership with the Bank of Ghana (BoG) to “share expertise.”

According to the Governor of the Bank of Ghana, Dr Ernest Addison, the move will enable BoG benefit from the experience of the Bank of England in dealing with financial stability and macroprudential regulation.

“We envisage benefiting from the Bank of England’s experience in dealing with financial stability and macroprudential regulation, to assess the full implications of macro issues on the financial system,” Dr Addison said.

The partnership was unveiled by the Bank of England on Tuesday to coincide with the Commonwealth Heads of Government Meeting currently taking place in London.

A similar partnership as part of what was unveiled Tuesday is to be between the Bank of England and the central banks of Sierra Leone and South Africa as part of a swing of effort to boost Commonwealth financial links.

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The UK government is to provide £2m for “tailored technical assistance” to be provided by Bank of England staff.

Meanwhile, the Department for International Development on Tuesday also announced a £5m programme to allow developing nation firms to raise finance in local currencies on the London market.

The London Stock Exchange will also bring its “Elite” programme for growth companies to the Nairobi Securities Exchange.

The announcements were timed to coincide with the Commonwealth Heads of Government Meeting, as the bloc formed after the end of the British Empire becomes an increasing focus for a UK government trying to boost non-EU trade ties.

Joanna Place, chief operating officer at the Bank of England said: “In our increasingly interconnected global financial system, cooperation between central banks is critical to providing the financial stability on which all our citizens rely.”

International development secretary Penny Mordaunt, who opened trading on the London Stock Exchange with Kenya’s President Uhuru Kenyatta on Tuesday said boosting finance will “create opportunities for new investment, trade and jobs” and “open the door to a future free from aid dependency”.