WACMIC to be established to integrate West African capital markets

Prof. Akpan Ekpo (seated fourth from right),Mr Grace Akrofi (fourth right) with the participants.

Prof. Akpan Ekpo (seated fourth from right),Mr Grace Akrofi (fourth right) with the participants.

Plans are underway for the establishment of the West African Capital Markets Integration Council (WACMIC), the Bank of Ghana (BoG) has said.

The objective of the Council is to integrate the West African capital markets and promote trading among the member states of Economic Community of West African States.

Dr Ernest Addison, Governor of the BoG disclosed this in a speech read on his behalf by an Advisor at the BoG, Mrs Grace Akrofi at the West African Institute for Financial and Economic Management (WAIFEM) training programme in Accra on Monday.

The two-week regional course is being attended by capital market players from Ghana, Liberia, Sierra Leone, Gambia and Nigeria.

Topics such as Monetary Policy, Investment Analysis, Capital Market Operation and Regulation would be discussed.

Dr Addison said under WACMIC, trading platforms would be established among the ECOWAS member states to enable qualified West African brokers to trade in financial products across the sub-region.

The Governor said the courses were important and timely on account of their significant contributions towards financial system stability and economic development of the respective countries.

Dr Addison said the course demonstrated WAIFEM’s appreciation of the capacity gaps in the capital market and the monetary policy sector.

He entreated the participants to take advantage of the programme to broaden their knowledge under the topics chosen for the programme.

Dr Addison commended WAIFEM for the role it was playing to build the capacity of players in the financial sector of the sub-region to facilitate the development of the respective countries.

The Director General of WAIFEM, Professor Akpan H. Ekpo said WAIFEM was established in 1996 by the central banks of the Gambia, Ghana, Liberia, Nigeria and Sierra Leone to build the capacity to improve macroeconomic and financial management in the constituent member countries.

Since the inception of WAIFEM, Prof Ekpo has successfully held 677 courses, seminars and workshops for about 18240 participants from the sub-region.

He said this year’s courses were to expose the participants to Monetary Policy and Investment Analysis, Capital Market Operation and Regulation.

Prof Ekpo said the objective of the course was to expose participants to relevant knowledge and skills required for the smooth operation of a capital market.

He said it was also to build the capacity of the participants to be able to analyse how monetary policy decisions were taken under various regimes to deliver price stability.

The Director General said qualified resource persons drawn from the sub-region had been engaged to facilitate the courses.

By Kingsley Asare

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