Economy sound for offshore banking

Central Bank Governor, Dr. Paul Acquah on Friday assured investors, who would want to take advantage of the offshore banking facility, that the country had in place a tight regulatory environment to protect their funds.Speaking at the launch of the first ever off-shore banking facility in West Africa, which is a joint venture between the government and Barclays Bank, Dr. Acquah said the Banking Act and other pieces of legislation should offer investors the necessary guarantee that the country was a safe haven for them to lodge their funds.

Offshore banking is the provision of tailor-made banking services for non-resident, expatriates and institutions to save their money abroad rather than those in their home countries. It offers a tax efficient environment for a wide range of savings and investment products.The management of Barclays Bank Ghana Limited was granted a General Banking License by the Bank of Ghana to operate the facility under the International Banking Component of the International Financial Services Centre.The International Financial Services Centre, which is part of a comprehensive financial sector development programme, will have a full range of non-bank financial services.Dr. Acquah described the launch of the centre as a significant landmark in banking in the country, attributing the achievement to the sound economic performance in the last six years and stable political environment.He urged the management of Barclays to exhibit strong operational strength and integrity to meet the best practices in the world, saying it was the only way that the country would enjoy the benefits of the International Financial Services Centre.Finance Minister Kwadwo Baah-Wiredu enumerated the advantages that would accrue to the country with the launch of the offshore banking facility.These include making available a pool of capital inflows that institutions and companies could tap into to spur the country's economic development as well as enhanced country's revenue generation.Mr. Frits Seegers, Chief Executive Officer, Global Retail and Commercial Banking Barclays said the initiative would put Ghana into prominence in the financial arena and promote cross-border business within the West Africa sub-region."By becoming an international financial services centre, Ghana will see benefits including new jobs, increased foreign exchange inflows, and skills transfer in international banking. This will place Ghana on the map for international financial markets, opening new markets that have not been available before."Mrs Margaret Mwanakatwe, Managing Director of Barclays Ghana Limited, said the bank was committed and prepared to deal with the challenges associated with international banking services. She said Barclays would offer such services without compromising efficient and effective customer service.
Source:GNA