The Bank of England has entered into a memorandum of understanding (MoU) with the UK’s Department for International Development to provide technical assistance and training to multiple central banks in Africa.

This 18-month pilot programme is completely funded by the UK government’s Prosperity Fund and will continue to the middle of next year.

Under the programme, the Bank of England will partner with the central banks of three countries namely South Africa, Ghana and Sierra Leone, at different stages of development.

In the process, the central bank of UK will provide expertise and help to develop capacity under various central bank policy and operations.

The programme is expected to bolster relationships between the UK and the partner countries in the Africa and also support global financial stability.

Bank of England CEO Joanna Place 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.”

Bank of England has also created a small team to manage the operations under the programme.