Ghana, Kenya and Rwanda want to become global leaders in finance. But the odds seem stacked against them
Kigali is one of several cities in continental Africa that are trying to become financial hubs to capture some of the business that currently flows through offshore centres such as Mauritius. Kenyan officials signed an agreement with the City of London as part of a plan to launch a financial centre in Nairobi.
The architects of these would-be hubs talk of building a financial “ecosystem”, with expertise in law, accountancy and business services. “We’ve tried to move away from the notion that this is just a business precinct or an iconic tower,” says Vincent Rague, the chairman of the Nairobi International Financial Centre. It boasts that Prudential, a British insurer, will be the first firm to set up shop in the hub.
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