Audio By Carbonatix
Britain will expand a programme that sends Bank of England regulators to help emerging economies reform their financial sectors, the government said on Thursday.
Last year, the BoE sent officials to South Africa, Ghana and Sierra Leone, and Britain now plans to expand the programme to up to 30 emerging economies, starting with Senegal and Jordan.
“This is not about consultants parachuting in, this is about patient long-term relationships between expert regulators in Africa and expert regulators in London working together, hopefully over decades,” International Development secretary Rory Stewart told an African investment conference in London.
Britain’s government will give the BoE 6.1 million pounds ($7.9 million) to expand the project, which will have eight core staff and draw on the expertise of 70 London-based technical experts.
During the pilot in Ghana, BoE staff advised Ghanaian colleagues on consolidating its banking sector from 30 weaker banks to 10 more stable ones, and also on how to wind up failing banks and communicate during a financial crisis.
Latest Stories
-
International Day for PwDs: The unbroken spirit of a 16-year-old disabled visual artist
16 minutes -
Bryan Acheampong salutes farmers, outlines vision for resilient agricultural sector
17 minutes -
Wa West Agric Director calls for stronger gov’t support after difficult farming year
1 hour -
‘Agriculture isn’t only for village folks’ — President Mahama pushes professionals to take up farming
1 hour -
82-year-old man emerges overall National Best farmer for 2025
1 hour -
Calls grow for stronger oversight as free trade and lax regulation fuel fake medicines
2 hours -
World Cup 2026: Tuchel keeps group stage opponents under wraps, shuns Ghana
2 hours -
Volta Region received a significant share of Big Push road projects – Mahama
2 hours -
Togbe Afede XIV lauds government’s $10bn ‘big push’ programme for boosting farm produce transport
3 hours -
FDA urges consumers to prioritise safety when purchasing products during festive season
3 hours -
President Mahama calls for single-digit interest rates on agricultural loans
3 hours -
President Mahama urges Ghanaians in formal jobs to take up farming
4 hours -
Farming interventions paying off, lifting incomes and food security, says Agric minister
4 hours -
Gov’t pledges science-backed interventions in agriculture, says Agric minister
4 hours -
Ghana unveils $3.4bn plan to accelerate national clean energy transition
4 hours
