Cote d'Ivoire: ECOWAS seeks awareness on role of capital markets

Abidjan, Cote d'Ivoire (PANA) - The ECOWAS Commission has called on market operators and other stakeholders to step up citizenship awareness of the roles of capital markets in wealth creation and management and overall economic development, to maximise the benefits of the upcoming integrated regional capital markets.

“The need has never been more rife than on this occasion of our drive for an interlocked regional market, for you to seize the opportunity of access to markets across borders to hone your product development strategies and improve product quality, packaging, innovation and completion in ways that will make the markets more attractive to the uninitiated, especially the unsophisticated investors,” ECOWAS Commissioner for Industry and Investment Promotion Kaliou Traore said.

The Commissioner was addressing a sensitisation workshop for captains of securities and exchange commissions, stock exchanges and other stakeholders in the region in Abidjan, Cote d'Ivoire, Wednesday.

The ECOWAS Commission said the workshop, the fourth in the series approved by the West African Capital Market Integration Council (WACMIC) as platforms to engage with stakeholders, create sufficient awareness and gain the support and ownership of the process by market operators and the investing community.

It is being held preparatory to the commencement of the implementation of the three-phased West African Capital Markets integration road map this month, within the framework of the ECOWAS-led regional market integration process.

In the address, read on his behalf by Mr. Peter Oluonye, the Commissioner said accessing the integrated regional capital market would enable operators “unlock the idle resources that could be directed to the market to catalyse inclusion and economic development.”

He said professional ethics and corporate governance must also guide operators initiatives and operations in the new market arrangement so as to galvanise regional trust and confidence and ensure sustainability of benefits that would accrue from integration.

WACMIC is one of the pillars for the creation of the West African Common Investment Market (ECIM), and seeks to help entrench a harmonised regulatory environment for the issuance and trading of long-term financial securities across the region as well as develop a common platform for cross-border quotation, listing and trading of such securities in the regional market.

The Abidjan workshop, co-organised by the ECOWAS Commission and WACMIC precedes the take-off of the first phase of the markets integration road map, which would enable sponsored stock-brokers of other member states to trade on the existing stock exchanges using the platform of the sponsoring broker.
-0- PANA SEG 3April2014

03 أبريل 2014 13:53:34

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