Posted by: kvsonghai | 15 March, 2010

Nigeria, Ghana, Côte d’Ivoire move to integrate capital markets…raise implementation committee

BusinessDay of Nigeria are reporting today that “The Nigerian Stock Exchange (NSE), Ghana Stock Exchange (GSE), and Bourse Régionale des Valeurs Mobilières (BRVM) of Côte d’Ivoire have agreed to integrate their capital markets into West African Securities Markets.” According to the reports, “Sources at the Nigerian Stock Exchange said that the executive committee is tasked with overseeing the pre-integration and implementation phases of the initiative.

‘Their major function is that of a policy-setting and decision-making body. They are given the responsibility of approving all issues concerning the integration of the West African securities markets and coordinating with the relevant government and regional bodies to ensure the success of the project. The executive committee will be instituted in April 2010, when they will hold their first formal meeting,’ said the NSE source.

According to the source, ‘In 2007, a technical committee was formed to perform due diligence on the three regional exchanges and their markets, and to make recommendations on how the integration can be effected. Several reports on legislation, exchange operations, listing requirements, broker/dealer requirements, reporting requirements, settlement and more have been delivered by the technical committee for review and action by the executive committee. They will be expected to deliberate on these reports during the meeting next month’“.

It would seem that the overarching aim is to ensure that  bearing in mind the key development parameters, the ECOWAS region must begin to make concrete steps to bring together its efforts in order to continue toward the goal of global competitiveness. The report quotes a source as saying ““Our markets may be younger than some, but it is for this reason we are looking to drive growth through strategic partnerships. As our economies continue to develop, it is important that viable businesses are able to access capital; it is equally important to provide a safe and effective marketplace to support wealth creation and to offer product diversity to investors.

“To-date, we have identified the broad objectives of this initiative, and the strategies that will help us execute the vision,” said Ekow Afedzie, deputy managing director of the Ghana Stock Exchange.

“In bringing the regulators and ECOWAS together, we took the first step towards implementing a very powerful and far-reaching initiative. With an executive council in place, we can now begin the process of creating a unified market in West Africa. We are confident we are on our way to achieving this vision and goal.


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