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22.01.2020 Business & Finance

Akufo-Addo Opens UK-Ghana Market Partnership

President Akufo-Addo interracting with Prime
LISTEN JAN 22, 2020
President Akufo-Addo interracting with Prime

President Akufo-Addo on Tuesday rang the bell on the floor of the London Stock Exchange (LSE) to signal the start of a partnership between the London stock market and Ghana.

The occasion formed part of the itinerary of President Akufo-Addo, who is currently in London for the UK-Africa Summit.

The President was joined by the UK MP for Africa, Andrew Stephenson; Finance Minister Ken Ofori-Atta and Foreign Affairs Minister Shirley Ayorkor Botchwey.

The LSE partnership with the Ghana Stock Exchange (GSE) is expected to help develop some of the capital market's infrastructure that can sustain and deepen the financial market, as well as move to emerging market status.

In a speech read earlier at the launch of the UK–Africa Summit 2020, President Akufo-Addo said Ghana expected the partnership between LSE and GSE to culminate in revenue and resource mobilization for investments on the African continent.

He also noted that Ghana's endowed resources made it fully ready to partner the London stock market in investment on the continent.

Among other things, the President stated, “…There are things that we need to do on our side in Africa. We can do better in terms of our own domestic resource mobilization; move away from raw materials exports and insist on processing and adding value to our own resources. But in the process, the stock exchange in London can be a pivot in the new relationship with the continent of Africa. Countries like my own see themselves in the noble opportunities of helping to mobilize all of these capitals around the world for investment in Africa's infrastructure.”

On the official British High Commission in Accra's Twitter feed, it said “@UKinGhana H.E. @NAkufoAddo, alongside @Andrew4Pendle @KenOfori_Atta and @ayorkorshirley, rang the bell signalling trading at the London Stock Exchange, and launched a new partnership with @LSEplc& @gstockexchange to enable Ghana to move to emerging market status #InvestinAfrica.”

Last year, Vice-President Mahamudu Bawumia indicated that co-operation with the LSE would assist Ghana's aspiration to become the financial service 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 co-operating with the LSE as a step in the right direction,” Dr. Bawumia indicated.

The UK-Ghana Business Council meets twice a year and brings both governments together to find ways to reduce barriers to trade, investment and job creation.

The forum is a vehicle to move forward a new strategic economic partnership between the UK and Ghana that focuses on increased trade and investment and also emphasizes the development of priority sectors of the Ghanaian economy that leads to job creation and sustained economic growth.

---Daily Guide