Barclays rules out listing on GSE despite gov’t pressure

Business News of Thursday, 5 March 2015

Source: myjoyonline.com

Accra Stock Exchange

Barclays Bank Africa Group has ruled out any possibility of listing its Ghana subsidiary on the Ghana Stock Exchange (GSE) despite moves by Government to compel multinationals in the country to list the local bourse as soon as possible.

Trade minister Ekwow Spio-Gabrah disclosed to Joy Business that as part of plans to ensure that Ghanaians benefit from recent development in the economy, the local content policy would be replicated in all sectors of the economy.

The move, according to him, is part of the government’s indigenisation policy. But responding to a question posed by Joy Business through a teleconference during a media briefing held in South Africa, Chief Executive of the Group, Maria Ramos, said there are other avenues the bank can share its profits with indigenes.

She also revealed that the bank is planning to focus heavily on the insurance sector as part of its expansion drive in Ghana this year.

Barclays Bank’s entire operations in African for last year posted about 23 billion dollars in profits.

According to Barclays Africa Group the Ghana unit contributed substantially to the 5 percent growth in its earnings for last year.

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