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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Ho Node Hub rebrands as Node Eight

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

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    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Barclays exit of Africa to do with regulations – Bob Diamond

bycitibusinessnews
March 1, 2016
in Africa, Banking And Finance, Business, East Africa, Southern Africa, Top Stories, West Africa

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Barclays’ re-evaluation of its African strategy, and possible scaling back of its operations, has more to do with regulation in the UK than it has to do with its vision for Africa, according to Bob Diamond, former Barclays boss and co-founder of Atlas Mara.

“Barclays is in a difficult position. This has absolutely nothing to do with their vision of the future of Africa,” he said during a panel discussion at the Bloomberg Africa Business and Economic Summit in Cape Town.

[contextly_sidebar id=”LRGkqfg0ilS8rrhvHdBOEDRSvq3RoUDl”]Barclays’ new CEO, Jes Staley, is said to be considering selling the firm’s 62% stake in Barclays Africa Group (reportedly valued at over US$4bn) which houses much of its African business.

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Staley is expected to release more details around his plans for the continent alongside the presentation of the bank’s full-year earnings today.

“The UK taxes Barclays and the other UK-based banks on their global balance sheets, so they are taxing depositors in South Africa and Botswana, and the regulators in the UK are charging Barclays for a 100% capital when they own 62%,” stated Diamond.

“So this [talk of selling its African operations] has more to do with regulation, particularly regulation driven in the UK, than it has anything to do with the vision of Africa.” He said.

–

Credit:  howwemadeitinafrica

 

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