Apr 26, 2018 Last Updated 9:12 AM, Apr 25, 2018

Bank of England to strengthen financial links with three African banks

money africaABNABN - The Bank of England (BoE) is close to unveiling a new partnership with central banks in Ghana, Sierra Leone and South Africa, in a bid to boost financial links within the Commonwealth.

The partnership will include the UK government providing £2 million for ‘tailored technical assistance’, along with a £5 million programme to allow developing nation firms to raise finance in their local currencies on the London Stock Exchange (LSE).

The LSE will also bring its ‘Elite’ programme for growth companies to the Nairobi Securities Exchange, in Kenya.

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

Meanwhile, chief operating officer at the BoE Joanna Place, 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.”

@ABNetworkOnline

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