Margret Mwanakatwe, Managing Director of Barclays Bank Ghana

Margret Mwanakatwe, Managing Director of Barclays Bank Ghana, on the 90th anniversary of Barclays’ presence and its launch of offshore banking services in the country.

How would you describe the relationship between Barclays and Ghana?

Ghana and Barclays Bank have a long and healthy relationship. We recently celebrated our 90th anniversary here– you could say that Ghana and Barclays are inseparable. We have been through thick and thin with Ghana. We remained through periods of uncertainty, economic difficulties as in the high inflation period, and now we are with Ghana when the country is enjoying macroeconomic stability.

Do you think that Ghana can become a successful financial centre?

I believe that Ghana is very well positioned to become a key African financial centre, well managed and well regulated, with a very strong and efficient central bank. Offshore banking will be a first step towards a bigger leap; including accounting firms, insurance firms, even call centres.
The government is looking towards economic growth and attracting foreign investment. We believe that we can help, and that a successful financial services sector will help put Ghana on the map.

In addition to offshore banking, how is Barclays contributing towards that?

Offshore banking is only one of the elements in the bigger picture of what we are trying to establish in Ghana’s financial sector. People here want money to develop their businesses, and they are ready to pay it back; the behaviour of the borrower is in tune with the economy. We support those sectors that are growing and that need the money – for example the construction and infrastructure sectors, which are key to the country and are showing a huge appetite for growth.
Our balance sheet, and the balance sheet of our parent company, enables and encourages us to get involved in the bigger deals in Ghana, with both private and government projects.