West African capital markets integration project making steady progress -GSE, MD

The Ghana Stock Exchange (GSE) and the West African Monetary Institute (WAMI) have hosted the Technical Committee meeting of the West African Capital Markets Integration.

A statement issued by the GSE after the meeting said, the objective of the meeting was to review the Phase 2 operational rules and make recommendations to its Council.

The West Africa Capital Markets Integration Council (WACMIC) was inaugurated as the governing body for the integration of West African Capital Markets.

The over-arching objective of the Council according to the statement was to establish a harmonised regulatory environment for the issuance and trading of financial securities across the region, as well as to develop a common platform for listing and trading such securities in the sub-region.

The chairman of the WACMIC, MrEkow Afedzie, who is also the Managing Director of the Ghana Stock Exchange said “The West African Capital Market Integration (WACMI) project is making sustained and steady progress. During the year 2020, WACMIC secured funding through the African Development Bank (AfDB) for the implementation of Phase 2 (adoption of a Common Passport for Qualified West African Brokers as well as the operational rules) of the integration project.’’

The funds which were sourced from the Capital Markets Development Trust Fund

(CMDTF), a Donor Trust Fund, are for the implementation of specific activities to

support Phase 2 of the project.

 The activities include, the harmonisation, validation, and adoption of the Phase 2 Rules. design, development, hosting, and launch of the WACMI data portal and website -incorporating a database of West African capital markets and market players and the conduct of needs assessment studies on the state of the capital markets in  Gambia, Guinea, Liberia, and Sierra Leone and the development of an implementation roadmap for the inclusion of each market in the integrated WACMI Project and capacity building programmes aimed at key regional capital markets stakeholders on the implementation of harmonised rules and regulations for securities trading.

The West Africa Capital Markets Integration Council (WACMIC) is scheduled to hold its next meeting on 21 and 22 October 2021 to consider the recommendations of the Technical Committee.

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