Barclays Bank’s involvement in spearheading Ghana’s efforts to become an international finance centre have been criticised by development charities for facilitating increased poverty in Western Africa. The groups have warned that setting up an IFC with low taxes and minimal financial disclosure will aid drug trafficking and divert revenues from other poverty-stricken West African governments’ coffers.
Ghana, aided by Barclays, has for four years been reforming its banking laws to provide for the establishment of an offshore financial centre. The establishment of a streamlined finance centre is likely to provide additional tax planning opportunities to companies domiciled in neighbouring oil and mineral rich African countries.
In response to campaigners Barclays has underlined that the establishment of an international finance centre in Ghana will provide higher wages for the domestic population and increase economic activity in the country. In a statement Barclays underlined that it continues to adhere to the highest levels of regulation and conforms to all rules and industry guidance regarding financial sector activities.
The finance centre is expected to open by the end of the year when Ghana passes a law to allow for the establishment of foreign companies and trusts.
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