The Ghana Stock Exchange (GSE) and the West African Monetary Institute (WAMI) have hosted the Technical Committee meeting of the West African Capital Markets Integration (WACMI) to speed up the integration process of the capital markets in the sub region.
The West Africa Capital Markets Integration Council (WACMIC) was inaugurated as the governing body for the integration of West African Capital Markets.
According to a statement issued by the managing Director of Ghana Stock Exchange after the meeting, he disclosed that the objective of the meeting was to review the Phase 2 operational rules and make recommendations to its Council concerning the integration processes.
Mr Ekow Afedzie averred that the over-arching objective of the Council, according to the statement, was to establish a harmonized regulatory environment for the issuance and trading of financial securities across the region, as well as to develop a common platform for listing and trading of such securities in the sub region.
The chairman of the WACMIC, Mr Ekow Afedzie, who is also the Managing Director of the Ghana Stock Exchange indicated that the West African Capital Market Integration is making progress since implementation of phase two of the project in last year, 2020.
“The West African Capital Market Integration (WACMI) project is making sustained and steady progress. During the year 2020, WACMIC secured funding through the African Development Bank (AfDB) for the implementation of Phase 2 (adoption of a Common Passport for Qualified West African Brokers as well as the operational rules) of the integration project.’’Ekow Afedzie
The Managing Director of Ghana Stock Exchange noted that the funds which were sourced from the Capital Markets Development Trust Fund (CMDTF), a Donor Trust Fund, are for the implementation of specific activities to Support Phase 2 of the project.
Mr Ekow Afedzie, subsequently revealed the activities that went into the implementation of phase two. The activities included: the harmonization, validation, and adoption of the Phase 2 Rules, design development, hosting, and launching of the WACMI data portal and website.
The phase two will also incorporate a database of West African capital markets and market players and the conduct of needs assessment studies on the state of the capital markets in Gambia, Guinea, Liberia, and Sierra Leone . Also the development of an implementation roadmap for the inclusion of each market in the integrated WACMI Project and capacity building programmes aimed at key regional capital markets stakeholders on the implementation of harmonized rules and regulations for securities trading.
The West Africa Capital Markets Integration Council (WACMIC) hinted of holding another meeting to consider the recommendations of the Technical Committee.
WACMIC comprises the Chief Executives of the region’s securities commissions and securities exchanges, and is tasked with designing the policy framework and managing the implementation of the process that will facilitate the creation of an integrated capital market in West Africa.
Earlier in the year, the West African Monetary Institute (WAMI) received a grant from the Capital Markets Development Trust Fund administered by the African Development Bank to finance the West African Capital Markets Integration (WACMI) Phase 2 Project.