African Exchanges Must Work to Stimulate Economic Development—Chiemeka

By Aduragbemi Omiyale

The need for stock exchanges in Africa to collaborate in order to stimulate economic development and raise funds for infrastructure to boost intra-continental trades has again been emphasised by a capital market expert, Mr Jude Chiemeka.

Mr Chiemeka, who is the Divisional Head of Capital Markets at the Nigerian Exchange (NGX) Limited, stated that this partnership will create an integrated and prosperous Africa based on inclusive growth and sustainable development.

Speaking when the exchange received the leadership of Ghana’s Securities and Exchange Commission, Ghana Stock Exchange and Central Securities Depository (GH) LTD, said the visit to the NGX came at a crucial time.

“Whilst ongoing efforts demonstrate significant progress, there is significant room for African securities exchanges to learn and collaborate more to stimulate economic development, and raise the capital needed to boost infrastructure across the continent and address critical issues such as climate change and the Sustainable Development Goals,” Mr Chiemeka said when the Ghanaian delegates were hosted to a closing gong ceremony on Tuesday, July 5, 2022.

He added that, “We have taken a step in the right direction through the recent ratification of the African Continental Free Trade (AfCFTA) agreement which promises to create a single market with a combined GDP of $2.5 trillion and access to 1.2 billion people.

“Trading across African securities exchange through the African Exchange Linkage Programme (AELP) recently kicked off with a pilot of 30 broker firms from 7 securities exchanges across the region.”

Also speaking at the event, the Director-General, Securities and Exchange Commission, Ghana, Reverend Ogbarmey Tetteh encouraged investors to also consider placing investments on the Ghana Stock Exchange to enhance the capital market across Africa and stressed the need to integrate the capital market within Africa.

Representing the Managing Director, Ghana Stock Exchange, Mr Micheal Mensah, the Deputy Managing Director, Ghana Stock Exchange, Ms Abena Moah said they will continue to partner with the Exchange and hopes to end the year in the Nigerian capital market space.