The Ghana Stock Exchange (GSE) has partnered the Nigerian Exchange Limited (NGX) to strengthen cross-border trading initiatives with the aim of moving investments, access to capital and integration of both capital markets on the continent.

Speaking at ‘Gong Ceremony’ organized for delegates from the Ghana Stock Exchange in Lagos, the Divisional Head, Capital Markets, NGX, Mr. Jude Chiemeka disclosed that the Director General, Securities and Exchange Commission (SEC) of Ghana, Rev Ogbarmey Tetteh, and his team visited to understudy what The Exchange has done in the process of capital market decentralization, dematerialization, among others.

“The NGX has gone through the process of decentralization and dematerialization and members from the Ghana Exchange are here obviously on a tour to undertake what Nigeria has done.”
Mr. Jude Chiemeka

Mr. Jude Chiemeka lauded the move and noted that the partnership will benefit the two countries immensely.

“I do know we have done the first cross border trading across West Africa utilizing the West African Capital Markets Integration Council (WACMIC). And the first trade in 2015, was done between Nigeria and Ghana, specifically, United capital securities and Cardinal Stone Securities Ltd stockbroker.

“So, that’s a very laudable course, to commend this relationship with the Ghanaian capital market community.”
Mr. Jude Chiemeka

Market Integration Across Africa

The Divisional Head of Capital Markets, NGX, moreover touched on market integration while stressing the benefit it will bring to the continent.

“The conversation around market integration across Africa under the African Securities Exchanges initiative continues to gather momentum, and I think that it’s a good thing.

“The market, we all know it’s $2.5 trillion and the community is about 1.2 billion people, which is huge, regardless of the singular market. So, it’s an effort that exchanges are really particularly interested in and will continue to push for that integration.”
Mr. Jude Chiemeka

Rev. Tetteh Ogbarmey, on his part, expressed optimism over the relationship, stressing that both Exchanges stand a chance to assist companies in capital raising to address all of the challenges created by COVID-19 pandemic and the Russia-Ukraine war.

“For me, I see opportunity and this relationship that we have between Ghana and Nigeria. If you look at the Anglophone block, in the sub region, Nigeria, of course big brother to Ghana leads in terms of capital market development.

“We have this opportunity to work together to ensure that we achieve integration within the sub regions so we can raise capital to address all of the challenges that the COVID-19 pandemic and Russia-Ukraine war has brought to the fore.”
Rev. Tetteh Ogbarmey

Rev. Ogbarmey stressed on the need for Africa to look at how to develop its domestic supply capacity to create jobs, among others.