The West African Capital Markets Integration Council (WACMIC), has successfully completed the first direct trade between Ghana and Nigeria under phase one of its integration programme to promote trade across member countries.
The groundbreaking trade was transacted between United Capital Securities, Nigeria and CAL Brokers, Ghana.
The successful direct trade was enabled by the Nigerian Stock Exchange (NSE) and Ghana Stock Exchange (GSE).
Mr. David Tetteh, Chief Executive Officer, CAL Brokers who disclosed this to the media on the sidelines of a sensitisation workshop for stock brokers in Accra on Wednesday described the completion of the first phase as very crucial for the take-off of other phases of the programme.
“We are happy to have laid the foundation blocks for this great initiative and we look forward to the overall success of the WACMI. After pioneering Direct Market Access (DMA) in 2009, CAL Brokers is extremely proud of its continued role in the deepening of capital markets in the West African sub-region,” he said.
Mr. Tetteh who is also a member of WACMIC Technical Committee said the successful implementation of Phase one would allow brokers in WACMI member countries to trade on behalf of their clients and settle securities through local sponsoring brokers.
He said the integration of the markets would be beneficial for participating economies in the West African sub-region.
The West African Capital Markets Integration (WACMI) programme is the over-arching initiative of the West African Capital Markets integration Council (WACMIC), which is being implemented in collaboration with ECOWAS Commission and the West African Monetary Institute.
Mr. Tetteh said the integration programmme was being implemented in three phases, namely: phase one sponsored access, phase two, Direct Access to Qualified West African Brokers (QWABs), and phase three Integrated West African Securities Market (WASM).
Mr. Ekow Afedzie as the Deputy Managing Director, Ghana Stock Exchange said the integration of West African capital markets would enable companies listed in stock exchanges of every West African country access deeper pool of capital in markets across West Africa.
“Likewise, investor member countries can through a licensed issuing house or broker dealer raise money or trade in stocks exchanges across West African countries,” he said.
Mr. Afedzie said as the world becomes global with technology, market integration encourages more companies to list.
“As investors are provided the opportunities to raise capital across the continent, it also offers opportunities to have sub-national shareholders,” he said.
By David Adadevoh