WORKSHOP ON INTERNATIONAL FINANCIAL SERVICES CENTRE HELD

A workshop to chart the way forward for the implementation of third phase of setting up an international financial services centre in Ghana has been held in Accra.

It brought together about 60 officials from the financial, insurance sector, MOFEP, Attorney Generals Department, Ghana Investment Promotion Centre and leasing Companies.

Participants would among other things review the proposed regulatory framework, structure of the proposed financial services authority, the licensing structure and the proposed supervision and enforcement framework.

The Chief Director of the Ministry of Finance and Economic Planning, Nana Juaben-Boaten Siriboe opened the workshop which is being facilitated by two consultants from Mauritius, Sattar Hajee Abdoula and Avinash sunassee and was chaired by Mr. Francis D. Tweneboah,

Giving a background to the workshop, Dr Sam Mensah, Technical Advisor at MOFEP said the workshop is aimed at realizing the vision of the President to make Ghana a major financial services centre in the sub-region.

He said the project which was under the FINSSP was in three phases. Phase one and two of this project has been completed with Barclays Bank setting up the first off-shore bank in the country.

The third phase involved the services provided by non-bank financial institutions such as insurance, securities, leasing, management companies and trust administrators and urged the private sector to identify and exploit opportunities under this phase.

Dr Mensah said Ghana has all it takes for a successful implementation of this phase such as a stable economy, educated workforce, and having the same time zone as the UK.

He said when this phase is completed it would bring about profound changes in financial sector regulations.

In his first presentation Sattar Hajee Abdoula noted that Ghana has a number of strengths to launch its IFSC, these include; political, economic and social stability which should make Ghana a gateway for investment in the region.

Furthermore, Ghana is known as a country on the right tract for development a reliable partner in West Africa adding that “government has also shown a willingness for reforms of the financial sector, to put in place the required legal framework and adequate infrastructure for the IFSC to be a success, includeing the removal of hurdles for business.”

He however, advised that the current high rate of taxation will need to be revised downwards to attract OFC players to Ghana.

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