The London Stock Exchange (LSE) has agreed to cooperate with Ghana to build partnerships, deepen and tighten harmonization as well as help develop some of the capital markets infrastructure that can sustain and deepen the financial markets in Ghana.
The cooperation 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, CEO and Director of International Development of the LSE, on the sidelines of the Ghana-UK Business Council Meetings in London on Monday.
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.
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 realize 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 are to see to the effective realization of the objects of the cooperation 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 West African giants 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, Deputy Minister for Finance, Mr. Yofi Grant, CEO, Ghana Investment Promotion Center (GIPC) and others.