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09.05.2005 Business & Finance

Barclays Bank must be partner in devt - Kufuor

By GNA

Accra, May 9, GNA - The Government wants Barclays Bank Plc to be a partner in its development efforts, President John Agyekum Kufuor said on Monday.

"It is encouraging that Barclays Bank is prepared to respond to suggestions made by the Government and we are ready to have such a discussion with you," he said.

President Kufuor made these observations before entering into closed-door discussions with a delegation from the Bank led by Mr Malcolm Hewitt, Managing Director of Barclays Bank responsible for Sub-Saharan Africa and the Indian Ocean, at the Castle, Osu. Mr Hewitt said the delegation was in Accra to respond to suggestions made by the Government to a previous delegation last March. President Kufuor at a meeting with a delegation of the Bank's Directors, who attended the first International Executive Committee Meeting outside Europe in Accra, appealed to the Bank to cooperate with the Government to establish an offshore banking.

Mr David Roberts, Executive Director of the Board of Directors of Barclays Plc and Barclays Bank Plc, who led the delegation, gave the assurance that the Bank would assist the Government to establish offshore banking in Ghana. Offshore Banking is banking operations transacted outside the country in question.

In a host country, this would refer to a foreign entity's ability to bank at a host country's financial institution without regard to the foreign nation's rules and regulations. Entities typically utilize offshore banking facilities to escape more restrictive domestic banking operations, rules, taxes and regulations in force. Barclays Bank has assisted Mauritius to establish a successful offshore banking company. 09 May 05

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