Ghana outlines roadmap to become financial services hub in W/A

Accra – The Vice President, Dr Mahamudu Bawumia, says the nation has outlined a roadmap of activities towards becoming the financial services hub in the West African Sub-region.

Briefing the media at the Jubilee Lounge of the Kotoka International Airport in Accra when he returned from the UK-Ghana Business Council meeting in London, Dr Bawumia said the UK-Ghana Council meeting was a follow-up to the one held last year in Accra.

He said the meeting focused on putting up an institutional framework to guide and deepen Ghana’s trade and investment co-operation with the UK.

Therefore, the Ghanaian delegation explored the possibility of dual listing of bonds on the London Stock Exchange and Ghana Stock Exchange respectively.

Vice President Bawumia said the roadmap intended to move Ghana from the frontier of an emerging economy to a fully-fledged emerging economy towards attaining the vision of the Ghana Beyond Aid.

He said, for instance, that last year Quantum Terminals, a Ghanaian firm, was listed on the London Stock Exchange and believed more firms would be listed in the ensuing years.

Vice President Bawumia said he delivered a lecture at the Royal Institute of Economic Affairs and Chatham House on how Ghana was faring in ensuring inclusive growth.

The Vice President said he took the opportunity to meet the Chancellor of the Exchequer; UK’s Foreign Affairs Minister and the UK’s Minister of State for Africa, and had rich and fruitful discussions towards deepening the cooperation between the two nations.

He said Ghana’s delegation also had fruitful deliberations on the post Brexit era adding that Ghana was currently operating under the Economic Partnership Agreement with the European Union.

Therefore, while the nation was preparing a guide to deal with trade co-operation with the UK by March 29, the two countries agreed that there should not be any trade disruption in the post Brexit era.

He said the UK announced financial support for three major projects in Ghana, which would take-off this year, and mentioned an 80-million euro support for phase two of the Kumasi Market, a 56-million dollars for an International Terminal at the Tamale Airport and 20-million euros to complete the Bekwai Hospital Project.

Dr Bawumia was of the belief that the support would be part of many projects the UK Government intended to offer the nation later in the year.

The next UK-Ghana Business Council meeting will come off in Ghana in October, this year.

Some government officials that accompanied the Vice President to the UK-Ghana Council meeting included Mr Alan Kwadwo Kyerematen, the Minister of Trade and Industry, Professor George Gyan-Baffour, the Minister of Planning, Mr Joe Ghartey, the Minister of Railway Development, Mr Charles Adu Boahen, a Deputy Minister of Finance and Mr Yofi Grant, the Chief Executive Officer of the Ghana Investment Promotion Centre.

Source: Ghana News Agency