The efficient functioning of capital markets in the West African region requires regular evaluation of policies and programs in order to adapt them to current realities and to address the region’s particular challenges.
This was stated by the Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda, at the West African Capital Markets Conference on “Deepening and Strengthening the Capital Markets Across West Africa through Effective Regulation” in Accra, Ghana.
The conference was organized by the West Africa Securities Regulators Association, WASRA.
What the SEC DG says
The SEC-GD, who is also the WASRA chair, said the need for regular assessment necessitated the revision of the WASRA/WACMIC (West African Capital Markets Integration Council) roadmap to reflect current developments and to include specific initiatives that support the successful Implementation of integration will continue to improve and other efforts.
- He reiterated that against the backdrop of innovation and dynamism in capital markets, regulators need to keep up with this evolution.
- Yuguda explained that the WACMC provides regular opportunities for members to explore the role that financial markets should play in supporting the growth of the real sector of the respective economies and indeed the sub-region more generally.
- “We are aware that capital market activities are still in their infancy in some member states. Efforts are being made in cooperation with ECOWAS to encourage these jurisdictions to join WASRA. We intend to partner and work with them to build capital markets that support the growth and development of their respective countries, while advancing our regional market integration efforts.
- “As the region continues to grow in market size and influence, it becomes increasingly important to focus our attention on developing world-class markets by seeking innovative ways to address critical issues such as systemic risk, market integrity, investor protection, fintechs and other disruptive ones technologies. We must also remain steadfast in our collective efforts to reduce the geographic distance between our markets through ways and means that facilitate regional integration.”
- Yuguda expressed his delight at the high attendance at the meeting, stressing that the biennial conference is designed to promote robust discussions on how to leverage resources and effectively optimize joint efforts to integrate markets in the region.
- This, he said, will undoubtedly lead to the achievement of a key outcome, namely an increase in the contribution of capital markets to economic growth and development in the region.
- “You will recall that at our inaugural conference in Abidjan, Côte d’Ivoire, we decided to continuously strive to create an environment that facilitates cross-border securities transactions; strengthen investor protection; build capacity; be more innovative with our processes, among other things.
- “To that end, we have made significant strides by embarking on strategic initiatives aimed at stimulating the economy, creating wealth, enhancing infrastructure development, and enhancing trust and confidence as we strive for a deeper and more resilient capital market.” , he added.
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