Economic devt: NGX, GSE to collaborate on market strategies

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To ensure Nigeria’s capital market achieves sustainable and inclusive growth, the Nigerian Exchange Limited (NGX) has said it will collaborate with Ghana Securities and Exchange Commission, Ghana Stock Exchange and Central Securities Depository (GH) Ltd.

The NGX stated this in Lagos during a courtesy visit from the delegation from Ghana.

In his opening remarks, Divisional Head, Capital Markets, Jude Chiemeka, noted that the visit to NGX came at a crucial time when collaboration across Africa to create an integrated and prosperous Africa based on inclusive growth and sustainable development is at an all-time high.

“Whilst ongoing efforts demonstrate significant progress, there is significant room for African securities exchanges to learn and collaborate more to stimulate economic development, and raise the capital needed to boost infrastructure across the continent and address critical issues such as climate change and the Sustainable Development Goals”.

We have taken a step in the right direction through the recent ratification of the African Continental Free Trade (AfCFTA) agreement which promises to create a single market with a combined GDP of US$2.5 trillion and access to 1.2 billion people. Trading across African securities exchange through the African Exchange Linkage Programme (AELP) recently kicked off with a pilot of 30 broker firms from 7 securities exchanges across the region”, he added.

Also speaking at the event, the Director General, Securities and Exchange Commission, Ghana, Reverend Ogbarmey Tetteh, encouraged investors to also consider placing investments on the Ghana Stock Exchange to enhance the capital market across Africa stressing the need to integrate the capital market within Africa.

Representing the Managing Director, Ghana Stock Exchange, Mr Micheal Mensah, the Deputy Managing Director, Ghana Stock Exchange, Ms Abena Moah, said they will continue to partner with the Exchange and hopes to end the year in the Nigerian capital market space.