The Bank of England (BoE) will today unveil a new partnership with central banks in Ghana, Sierra Leone and South Africa to “share expertise” as part of a slew of efforts to boost Commonwealth financial links.
The UK government will provide £2m for “tailored technical assistance” to be provided by BoE staff.
Meanwhile, the Department for International Development will today announce a £5m programme to allow developing nation firms to raise finance in their local currencies on the London market.
The London Stock Exchange will also bring its “Elite” programme for growth companies to the Nairobi Securities Exchange.
The announcements have been timed to coincide with the Commonwealth Heads of Government Meeting currently taking place in London, as the bloc formed after the end of the British Empire becomes an increasing focus for a UK government trying to boost non-EU trade ties.
Ernest Addison, governor of the Bank of Ghana, said: “We envisage benefiting from the Bank of England’s experience in dealing with financial stability and macroprudential regulation, to assess the full implications of macro issues on the financial system”.
Joanna Place, chief operating officer at the Bank of England said: “In our increasingly interconnected global financial system, cooperation between central banks is critical to providing the financial stability on which all our citizens rely.”
International development secretary Penny Mordaunt, who will today open trading on the London Stock Exchange with Kenya’s President Uhuru Kenyatta, said boosting finance will “create opportunities for new investment, trade and jobs” and “open the door to a future free from aid dependency”.