During our trip to Ghana, we participated in the Africa Prosperity Dialogues Summit, a global summit which hosted African Business Executives, Senior Policymakers, Business Associations, Government Ministers, Senior Officials from the African Continental Free Trade Area, and Young Entrepreneurs. The summit was hosted by the President of the Republic of Ghana H.E. Nana Addo Dankwa Akufo-Addo. The purpose of the summit was to pull together the perspectives of business leaders, entrepreneurs, and politicians to identify routes forward for Africa as a continent. One of the key economic goals is the promotion of intra-African trade. The critical challenges impeding the promotion of intra-African trade are inadequate infrastructure (transport, communications, energy, information technology), currency controls, poor trade facilitation processes, access to finance, and free movement of persons. This was a great experience, and we gained a lot of insights into the main economic challenges and business opportunities of the continent. Despite current economic challenges Africa is still the region with one for the biggest growth potential with its steadily increasing population, workforce, and natural resources.

Whilst there we met with existing clients as well as some new potential clients and counterparties. One of the brokerage houses that we met with is currently in process of being onboarded with BGM as a first positive step since our return. There is a very strong demand for international business exposure and collaboration. Our current and prospective clients are looking to open accounts in United Kingdom and other jurisdictions. There is a demand for institutional service as well (FX, bonds, brokerage) and we envisage travelling back to the region later in 2023 as we continue to build relationships there.

by Ksenia Sablin, Associate Relationship Manager