Nigeria, Ghana, Others Setup Regional Body On Capital Markets Integration | Independent Newspapers Limited
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Nigeria, Ghana, Others Setup Regional Body On Capital Markets Integration

Posted: Jul 9, 2015 at 12:40 am   /   by   /   comments (0)

By Obas Esiedesa,  Abuja


Regulators of capital markets in Nigeria, Ghana and Cote D’Ivoire on Wednesday signed a memorandum of understanding for the establishment of the West Africa Securities Regulators Association (WASRA).

The new group which would focus on information sharing and process for capital markets integration in the West African sub region is to be chaired by Ivorian, Mory Soumahoro who is the Secretary General Counseil Regional De L’Epargne Publique Et Des Marchès Financiers (CREPMF).

Director General of Securities and Exchange Commission (SEC), Mounir Gwarzo informed journalists in Abuja shortly before the MoU was signed that the countries had been working on coming together for some time now.

Gwarzo said: “the aim and objective is to seek ways and means of how we can bring the capital markets within the West African sub region together. What we have not had is a close collaboration and close inter-face within the commissions so that they can support the good works.

“One way that we can achieve a lot globally either in terms of financial inclusions, financial literacy, market development, crisis management, enforcement is to make sure that all the jurisdictions within a particular region come together and share information”, he added.

He explained that three countries discussed the issue in London about a month ago to create the association that would enable the market regulators work together.

“We agreed that we should fast track the process and today is a historic day. The three of us sat down and discussed extensively. First we came up with a memorandum of understanding because you cannot do anything without having a framework on which you are going to build the relationship on”, he said.

He announced that the group has chosen Soumahoro of Ivory Coast as chairman for the next two years, stressing that “after the years we will now sit down and look at who would chair the association”.

Giving details of the MoU, Gwarzo explained that “one of the key issues in the MoU is the issue of sharing of information. This is information driven market. So once you do not have an opportunity to share information it means you can’t police this market. We have very robust criteria within the MoU which will enhance the sharing of information.