Business News of Thursday, 14 December 2017
Barclays Bank Ghana Limited and Official Monetary and Financial Institutions Forum (OMFIF), an independent think tank for central banking and economic policy, have launched the Africa Financial Markets Index to focus on the development capacity and expertise of local investors to attract foreign capital.
The financial market index seeks to assess the level of development of the financial markets in 17 countries including Ghana, which highlights how these economies can improve their capital markets to enhance investor access and ultimately grow their economies.
The index ranks the maturity, openness and accessibility of 17 financial markets in Africa based on both qualitative and quantitative criteria with focus on six fundamental pillars of the financial market performance.
The six pillars are Market depth, Access to foreign exchange, Market transparency and regulation, Capacity of local investors, Macroeconomic opportunity, and Enforceability of international financial agreements.
Speaking at the launch of the event on December 13, the Managing Director of Barclays Bank Ghana, Patience Akyianu said her bank is excited to be playing a leading role in developing and expanding the financial markets in Ghana as well as providing solutions to complex financial deals for successive governments and their clients.
According to her, the index will help broaden and deepen the country’s understanding of the requirements of local and international investors and the need to develop robust markets which are a prerequisite for sustainable growth by providing the country with valuable insights and tools to help improve the state of our financial markets.
“We will continue to leverage our expertise and vast knowledge as well as experience to offer innovative and best in class financial solutions for our cherished partners. In line with our shared growth agenda to create value, we will continue to engage constructively with all market participants; governments, regulators, industry players and clients to help shape policies and ensure the growth of our economy,” Mrs Akyianu added.
The financial markets index will be reviewed annually and will be a medium for continuous engagement with key stakeholders.
Over time, it will be easy to see the direct correlation between a market’s progress on the index, to government or central bank implementing the development strategies from the index.