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Business News of Tuesday, 21 January 2020


Akufo-Addo opens trading at London Stock Exchange as market partnership is launched

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President Akufo-Addo on Tuesday rang the bell to kick off the new partnership between the London Stock Exchange (LSE) and Ghana.

Akufo-Addo alongside UK MP for Africa Andrew Stephenson, Finance Minister Ken Ofori Atta and Foreign Affairs Minister Shirley Ayorkor Botchwey rang the bell at the UK-Africa Summit signalling trading at the London Stock Exchange.

London Stock Exchange (LSE) partnership with Ghana Stock Exchange (GSE) will 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, the British High Commission in Accra said.

Speaking at the launch of the UK – Africa Summit 2020, President Nana Addo Dankwa Akufo-Addo said Ghana was prepared to partner the London Stock Exchange in revenue and resource mobilization for investments on the African continent.

According to him, the country’s endowed resources make it fully ready to partner the London Stock Exchange in investment on the continent.

He explained, “…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 insists 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 sees itself in the noble opportunities of helping to mobilize all of this capital around the world for investment in Africa’s infrastructure."

Vice President Mahamudu Bawumia last year, said 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.

The Business Council, which meets twice a year, 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 additionally emphasizes on the development of priority sectors of the Ghanaian economy that leads to job creation and sustained economic growth.

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