NGX, Ghana Exchange Strengthen Ties on Cross-border Initiatives
The Nigerian Exchange Limited (NGX) and Ghana Stock Exchange (GSE) have reiterated commitment to strengthen cross-border trading initiatives with the aim of moving investments, access to capital and integration of both capital markets in the continent.
Speaking at closing “Gong Ceremony” organized for delegates from the GSE yesterday in Lagos, the Divisional Head, Capital Markets, NGX, Mr. Jude Chiemeka said the Director General, Securities and Exchange Commission (SEC), Ghana, Rev Ogbarmey Tetteh and his term visited to understudy what The Exchange has done in the process of capital market decentralization, dematerialization among others.
According to him, “The NGX has gone through the process of decentralization and dematerialization and members from the Ghana Exchange are here obviously on a tour to undertake what Nigeria has done.
“I do know we have done the first cross border trading across West Africa utilizing the West African Capital Markets Integration Council (WACMIC). and the first trade in 2015, was done between Nigeria and Ghana, specifically, United capital securities and Cardinal Stone Securities Ltd stockbroker.
“So that’s a very laudable course, to commend this relationship with the Ghanaian capital market community. The conversation around market integration across Africa under the African Securities Exchanges initiative continues to gather momentum and I think that it’s a good thing.
“The market we all know it’s $2.5 trillion and the community is about 1.2 billion people, which is huge, regardless of the singular market. So, it’s an effort that exchanges are really particularly interested in and will continue to push for that integration.”
Responding, Tetteh expressed optimism over the relationship, stressing that both Exchanges stand a chance to assist companies in capital raising needed to address all of the challenges created by COVID-19 pandemic and. Russia-Ukraine war
He said, “For me, I see opportunity and this relationship that we have between Ghana and Nigeria. If you look at the Anglophone block, in the sub region, Nigeria, of course big brother to Ghana leads in terms of capital market development.
“We have this opportunity to work together to ensure that we achieve integration within the sub regions so we can raise capital to address all of the challenges that the COVID-19 pandemic and Russia-Ukraine war has brought to the fore.
There is need for Africa to look at how we develop our domestic supply capacity to create jobs among others. So, were are excited that we have this great relationship and we know that it will go from strength to strength.“