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Sound economy for offshore banking - Governor
assured
Accra, Sept. 7, Ghanadot/GNA - Central
Bank Governor, Dr. Paul Acquah on Friday assured investors,
who would want to take advantage of the offshore banking
facility, that the country had in place a tight regulatory
environment to protect their funds.
Speaking at the launch of the first ever off-shore banking
facility in West Africa, which is a joint venture between
the government and Barclays Bank, Dr. Acquah said the
Banking Act and other pieces of legislation should offer
investors the necessary guarantee that the country was a
safe haven for them to lodge their funds.
Offshore banking is the provision of tailor-made banking
services for non-resident, expatriates and institutions to
save their money abroad rather than those in their home
countries.
It offers a tax efficient environment for a wide range of
savings and investment products.
The management of Barclays Bank Ghana Limited was granted a
General Banking License by the Bank of Ghana to operate the
facility under the International Banking Component of the
International Financial Services Centre.
The International Financial Services Centre, which is part
of a comprehensive financial sector development programme,
will have a full range of non-bank financial services.
Dr. Acquah described the launch of the centre as a
significant landmark in banking in the country, attributing
the achievement to the sound economic performance in the
last six years and stable political environment.
He urged the management of Barclays to exhibit strong
operational strength and integrity to meet the best
practices in the world, saying it was the only way that the
country would enjoy the benefits of the International
Financial Services Centre.
Finance Minister Kwadwo Baah-Wiredu enumerated the
advantages that would accrue to the country with the launch
of the offshore banking facility.
These include making available a pool of capital inflows
that institutions and companies could tap into to spur the
country's economic development as well as enhanced country's
revenue generation.
Mr. Frits Seegers, Chief Executive Officer, Global Retail
and Commercial Banking Barclays said the initiative would
put Ghana into prominence in the financial arena and promote
cross-border business within the West Africa sub-region.
"By becoming an international financial services centre,
Ghana will see benefits including new jobs, increased
foreign exchange inflows, and skills transfer in
international banking. This will place Ghana on the map for
international financial markets, opening new markets that
have not been available before."
Mrs Margaret Mwanakatwe, Managing Director of Barclays Ghana
Limited, said the bank was committed and prepared to deal
with the challenges associated with international banking
services.
She said Barclays would offer such services without
compromising efficient and effective customer service.
GNA
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