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London Stock Exchange to help deepen Ghana’s financial market

BY: Daily Graphic
London Stock Exchange to help deepen Ghana’s financial market
Vice-President Dr Mahamudu Bawumia (2nd right) with Papa Owusu Ankomah (2nd left), Ghana’s High Commissioner to the UK; Mr John Alan Kwadwo Kyeremanten (left), the Minister of Trade and Industry, and Prof. George Gyan-Baffour, the Minister of Planning, at the London Stock Exchange

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.

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 Mr Nikhil Rathi, CEO and Director of International Development of the LSE, on the sidelines of the Ghana-UK Business Council meetings in London yesterday.

Ghana beyond aid

Dr Bawumia noted that cooperation with the LSE would 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.

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Support

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 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 LSE.

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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 objectives of the cooperation agreement.

Reforms

Recent financial sector reforms and performance of Ghana continue 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 were Papa Owusu Ankomah, Ghana’s High Commissioner to UK; Mr John Alan Kwadwo Kyeremanten, the Minister for Trade and Industry; Prof. George Gyan-Baffour, the Minister of Planning; Mr Charles Adu Boahen, a Deputy Minister for Finance, and Mr Yofi Grant, CEO, Ghana Investment Promotion Centre (GIPC).