The Jamaica Stock Exchange (JSE) has entered into a partnership with the Ghana Stock Exchange (GSE), which will see the capital markets of Jamaica and Ghana expanding their products and services to investors in both countries.
This is being facilitated under a Memorandum of Understanding (MOU) of Mutual Recognition, which was signed by representatives of both entities during a special Bell Ringing Ceremony at the JSE’s Harbour Street office in Kingston.
Managing Director of the JSE, Dr. Marlene Street Forrest, who signed the document along with Managing Director of the GSE, Peterson Ekow Afedzie, thanked the GSE for making the journey to Jamaica.
“…This further cements our objective of strengthening our linkages and improving our relationship with what we consider to be another area of our diaspora connection– the South-South connection”.
Dr. Marlene Street Forrest
Dr. Street Forrest noted that the JSE continues its drive to diversify and widen its participation in not only local and regional markets but international markets as well. She added that the relationship with Ghana is strategic as the entity pursues its 2025 vision to expand its borders for growth and sustainability.
“We continue this journey of executing our 2025 strategic mission by going further afield to Africa, starting with Ghana where our people are similar. This is also in pursuit of the initiative to the benefit of both GSE and the JSE, because we feel that we can work together to ensure that there is wealth creation, that there is further development of our markets.”
Dr. Marlene Street Forrest
Dr. Street Forrest further noted that the JSE has been collaborating well with many of its sister exchanges within the Caribbean and with exchanges in North America, the United Kingdom (UK), and other countries across the world.
African Markets are the New Frontier for Growth and Development
The JSE Managing Director indicated that through the MOU, the JSE is now commencing its push into the African continent, starting with Ghana, pointing out that Africa, like the Caribbean, is the new frontier for growth and development.
The Managing Director noted that there are certain commonalities that make the alliance with Ghana ideal, pointing out that like Jamaica, Ghana has a growing, young, educated middle-class population that has a high demand for goods and services.
“Therefore, over the next several years, many companies globally, I believe, will be setting up industries and companies in Africa and the Caribbean. I believe as a stock exchange, we are perfectly poised to benefit from such expansion.”
Dr. Marlene Street Forrest
In his remarks, Mr. Afedzie noted that the MOU signing is historic for many reasons, including the fact that it is the first time Jamaica has signed an agreement in the African stock market.
“It is also historic for Ghana because it’s the first time we are also reaching out to the Caribbean.”
Mr. Ekow Afedzie
Mr. Afedzie noted that the GSE is excited about the collaboration, noting that it will benefit the two markets.
“That we believe will last for a very long time. That collaboration [has led] to us signing an MOU, which I hope, and I believe, will lead to us having cross-listers, where we can have companies from Ghana listing on the JSE and vice versa.
“We believe that this collaboration can lead to further development of our economies; it can lead to us collaborating in terms of the broader economies and, therefore, we also know that this collaboration will lead to exploration of various investment opportunities across Jamaica and Ghana.”
Mr. Ekow Afedzie
Mr. Afedzie, along with a delegation from the GSE, is on a week-long study tour of the JSE.
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