Capital market operators from Nigeria and Ghana on Wednesday declared that integration of the West African capital market would boost economic development.
The brokers disclosed this in Lagos at a sensitisation workshop organised by the West Africa Capital Market Integration Council (WACMIC). The WACMIC is the body saddled with the task of facilitating the integration process.
Mr Kunle Ogedengbe, Executive Director, Dunn Loren Merrifield Securities Ltd., said that the prospects of the integration were great and would benefit capital marker investors.
Ogedengbe said that the integration would offer investors the opportunity to trade across various markets for higher returns. “As an investor, you have an opportunity to trade across various markets and asset classes particularly, the asset classes you feel will give you the best returns from a different market,” he said.
Ogedengbe said that investors could trade across the various countries across the West Africa region for higher return on their investments.
Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said the integration would give investors opportunity to share from other markets. “If you look at last year, our market gained about 47 per cent but the Ghana Stock Exchange (GSE) gained about 75 per cent. By , Nigerians can also benefit from there. The markets do not grow at the rate.
So if you see that there is a market that is doing better than your own, you can take advantage and benefit from there,” Kurfi said.
Also speaking, Mr Atiku Kafaru of Express Discount Management Ltd., said that the integration would deepen West African markets.
The Chief Executive of CAL Stockbrokers Ltd., Ghana, Mr. David Tetteh, described the integration fantastic opportunity for everyone in the sub-region. Tetteh said that the benefits that would emanate from an integrated market would be great. “It will be good business for market participants across the region. So it is a fantastic opportunity for all of us,” Tetteh said