The Ghana Stock Exchange (GSE) and the Regional Stock Exchange (BRVM) which covers the eight countries of the West African Economic bloc and together with the Monetary Union (UEMOA) marked their first steps within the World Federation scholarships (WFE).
According to the World Federation scholarships, the Ghana Stock Exchange adheres to an organization watched from afar for several years. It noted that with its 38 companies listed, the Ghanaian stock exchange reported record profits in 2021 of 31.13 million cedis, representing up 32.7 percent.
The World Federation of Stock Exchanges explained that last year’s results was the best results ever obtained in thirty years of activity. In view of the national and international economic situation, the stock exchange of Accra excelled.
Their membership was formalized during the general assembly of the world federation of stock exchanges held in Malta, where the organization’s general assembly is being held from September 27, 2022 to September 29, 2022.
The BRVM and Ghana Stock Exchange, thus, joined other number of African places that are members of this organization and are opening up to a network that should promote the development of these stock exchanges.
Regional Stock Exchange Reaping Its Hard Work
Félix Edoh Kossi Amenounvé, CEO of the BRVM, on his part, noted that the regional stock exchange is thus experiencing the culmination of ten years of effort.
“The BRVM is thus recognized worldwide, by its peers, for its compliance with the best international standards in stock market matters, particularly in terms of regulations, information systems, international openness and mechanisms for security and protection of savers. The BRVM has successfully passed all the WFE assessments in 2021.”
Félix Edoh Kossi Amenounvé
The Abidjan-based stock market institution and its Ghanaian counterparts launched this membership project in 2012. Kossi Amenounvé noted that the BRVM has had to carry out a lot of work in the meantime to bring itself up to the international level. Its membership was validated in June 2021.
Nandini Sukumar, WFE’s Chief Executive, congratulated the Exchanges while hailing them and assuring them that their membership will benefit them immensely.
“I hope that you and your colleagues will benefit from the interaction with the other members as well as with the Executive Committee, and that the actions of the WFE will help you to further develop your institution and prosper.”
Nandini Sukumar
Founded in 1961 with its headquarters in London, the WFE brings together more than 70 member countries and more than 250 market infrastructure providers. The BRVM and the Ghana Stock Exchange thus bring to eleven the number of African stock exchanges members of the WFE after the placing of Johannesburg, Casablanca, Tunis, Mauritius, Nairobi, Dar es Salaam and those of Egypt, Nigeria and Namibia.
Membership of the WFE is a business-critical and strategic decision for financial market infrastructures, as by joining the association, one enjoys a wide range of benefits. These range from advocacy on the topics that matter to an exchange, education tools, and cutting-edge research, right through to sector-specific workshops, conferences and events. Moreover, by becoming a WFE member, one will have special in-depth access to its world-leading statistics database.
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