Lord Mayor of London meets with Ghanaian business leaders to discuss capital markets

The Lord Mayor of the City Of London, Alderman Alan Yarrow, participated in a breakfast meeting with business leaders in Accra Oct. 21 to discuss ways to grow Ghana's capital markets.

‘’Accessing high quality capital markets is crucial in today’s global and interconnected world," Yarrow said. "It’s all about access: capital markets allow investors to access finance, and allows for businesses to access the expertise needed for growth. But on top of that, listing transforms fundamentally the way in which a business is run – bringing in new efficiencies and allowing for a better return on capital. In real terms, that means jobs, growth, infrastructure and prosperity.’’

Outside of his current government position, Yarrow has more than 40 years of experience working in finance. His critique was supplemented by a set of panelists from Ghanaian businesses and agencies, including meeting sponsor Barclays Ghana.

“Barclays believes in the potential of the capital market in Ghana as a solid avenue for raising long term capital and a good platform to build stronger governance systems, “ Corporate Director of Barclays Bank in Ghana Abena Osei-Poku said. “[Barclays has] played lead roles in Ghana’s Eurobonds issuances, domestic government local currency bond issuances, and distribution and the development of the secondary bond market.”

The capital market in Ghana is seen as ripe for development, with the assistance of the government, private finance and better collaboration between business sectors. Ghana's Alternative Exchange, modeled on London's Alternative Investment Market, was mentioned as one particular resource along with convincing companies to list themselves on the Ghana Stock Exchange. Both strategies are meant to help companies grow their business by developing value and attracting shareholders in a designated space that's considered safer than the open market.

Ghana's economy ranked 92nd out of 194 economies tracked by the World Bank in 2014.