Under the terms of an 18 month pilot project running through to mid-2019, fully-funded by the UK government’s Prosperity Fund, the Bank will partner with the central banks in three countries at different stages of development – South Africa, Ghana and Sierra Leone – to share expertise and build capacity across a range of central bank policy and operations. Reflecting the Bank of England’s expertise and the UK’s position as a global financial centre, the project will strengthen relationships between the UK and the partner countries, and support global financial stability.
A small project team has been created in the Bank to manage the programme but the project will draw on the expertise from staff across the Bank.
Joanna Place, Chief Operating Officer, said: “The Bank of England is excited to be embarking on this new partnership with the Bank of Ghana, the Bank of Sierra Leone and the South African Reserve Bank. In our increasingly interconnected global financial system, cooperation between central banks is critical to providing the financial stability on which all our citizens rely. We look forward to supporting our counterparts in delivering their priorities in building this essential foundation for growth.”
The project was announced by Penny Mordaunt, Secretary of State for International Development on 17 April 2018.