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
-
Joyful Ethiopians and Eritreans embrace at rare border reopening
7 minutes -
Police officers charged with murder of Kenyan blogger
25 minutes -
US Tennis star Katrina Adams launches “Own The Arena” book in Accra
35 minutes -
US Supreme Court allows Trump to resume deportations to third countries
36 minutes -
US says Kilmar Ábrego García will ‘never go free’ after judge orders his release
48 minutes -
Ignore Kennedy Agyapong’s claims; MMDCEs support not sponsored – Bawumia’s spokesman
57 minutes -
Daily insight for CEOs: Strategic Agility – Thriving amid constant change
1 hour -
Mother and children suffer severe burns, appeal for support for life-saving treatment
1 hour -
‘Flower Power; An Arewa Story from the South’ opens at Worldfaze in Accra
1 hour -
KNUST researchers highlight potential areas for future research in Heterotis (Supaku) culture
2 hours -
CEO of Magmens Coutre in Obuasi wins Global Woman Fashion Entrepreneur of the Year Award
2 hours -
NPP will not make Bawumia a rubber stamp for other candidates – Haruna Mohammed
2 hours -
Health experts strengthen Ghana’s blood care system to tackle cancer, sickle cell, and donation myths
2 hours -
We’ll crack the whip at the appropriate time – NPP warns amid internal rifts
2 hours -
Rawlings’ values must be our guide – Asiedu Nketia
3 hours