By Mercy Darko
Vice President Mahamudu Bawumia has challenged stakeholders in West Africa and Africa at large to consolidate efforts to integrate capital markets to make the sector more vibrant for the needed transformation on the Continent.
Speaking at the opening of the 2nd West African Securities Regulation Association, WASRA Conference in Accra, the Vice President indicated that it is time for African markets to join forces through effective regulations and policies to build a resilient capital market.
This, he noted, will ”help Africa to share risks and change the narrative of the Continent relying on donor support in the wake of global challenges such as high cost of living and food insecurity”.
Dr Bawumia also challenged members of WASRA to leverage technology to digitize their operations.
Digital Market regulators in West Africa in 2015 came to a consensus to create a common association to foster market integration in the region as part of the West African Capital Market Integration Program. This birthed the West Africa Securities Regulators Association
(WASRA) to facilitate information sharing, cooperation and harmonisation of rules, regulations and policies governing cross-border transactions in the West Africa sub-region.
Vice President Bawumia said ”deepening and strengthening the capital market will require commitment and this can be done when members put their shoulders to the wheel”.
He stressed the need for member countries to straighten up their differences and leverage on their strengths to complete the harmonization process.
A Deputy Minister of Finance, Dr John Kumah in an address said ”West Africa has the potential to improve on the contribution of the capital market to subgregion GDP which is currently low as compared to other regions”.
He called for more collaborative efforts to harmonize the capital market.
The Chairman of the West Africa Securities Regulation Association, WASRA, Lamido Yaguda in a remark said the Association is committed to implementing the recommendations of the 1st edition of the WACMaC to address issues on lack of capacity and skills set required to carry out cross border transactions, differences in regional macro-economic policies and the need for collaboration between regulators and their regulated entities. He outlined some of the measures put in place to improve the capital market in West Africa.
The Director-General of the Security and Exchange Commission, Rev. Daniel Ogbamey Tetteh in a welcome address noted that ”the harmonization of the West African Capital market is still at the phase two-level, there has been tremendous progress since the agenda began some nine years ago”. Rev. Ogbamey Tetteh noted that recent global events underscore the urgent need for the mobilization of long-term capital in Africa by Africans and for Africa.
The conference is focused on Deepening and Strengthening Capital Markets across West Africa through Effective Regulation.
