Acting Director-General of the Securities and Exchange Commission, SEC, Ms. Mary Uduk, on Monday, challenged Capital market regulators and key stakeholders to fashion and implement sound domestic economic policies which would birth robust financial institutions that are fully empowered to achieve economic prosperity for the West African sub-region.
Uduk, who spoke at the Maiden West Africa Capital Market Conference in Abidjan, said the capital market plays a critical role in economic development and is crucial to unlocking the economic potentials of individual nations and the region.
She said the choice of “Positioning West Africa Capital Markets to Achieve Sustainable and Real Economic Growth through Integration and Sound Regulation,” as the theme of the Conference, clearly articulates the objective of the gathering.
For her, “the conference could not have taken place at a better time.
“With globalization and increased connectivity of our markets as well as investors’ quest for liquidity, market efficiency, and lower transaction costs, it has become imperative to begin to have conversations around initiatives aimed at integrating markets and improving regional market competitiveness.
“In addition, market integration requires participating exchanges to have the proper technological infrastructure to facilitate trading as well as adopt the highest standards of transparency and integrity,” she stressed.
The Acting SEC boss said the forum provides participants with the rare opportunity to share relevant experiences and knowledge of best practices in capital market operations and regulation.
“I, therefore, urge us all to take advantage of this auspicious event to learn from one another and adopt principles that will strengthen integration efforts in the West African region and deepen our markets to be competitive, robust and resilient to shocks” she added.
Declaring the conference open, Daniel Kablan Duncan, Vice President Republic of Côte d’Ivoire, called for a harmonised regulatory framework within the West African sub-region to help boost and sustain strong economic growth in the various countries.
Duncan stated that capital markets in the region are important to economic growth and commended the conference organisers on the initiative.
Continuing, he said the development of states has shown the important role capital markets have played and continue to play in their economies.
He said, “We need to work towards addressing the challenges facing our countries
“We, therefore, need to find ways to mobilise part of the global savings to Africa to finance infrastructure development”.
Duncan expressed confidence that a harmonised regulatory method will help boost and sustain strong economic growth in the region.
The conference opened with a seminar for regulators, exchanges and depositories in the region, followed by a public conference with speakers and panelists drawn from regulatory agencies, investment funds, inter-regional economic bodies, as well as eminent researchers and academics.
The WACMaC is expected to become a major biennial event for the capital market community in the region and is jointly organised by WASRA, the Economic Community of West African States (ECOWAS), the West African Capital Market Integration Council (WACMIC), and the West African Monetary Institute (WAMI).
Photo caption: Left to Right: Acting Executive Commissioner Operations Securities and Exchange Commission (SEC) Nigeria, Acting Director-General SEC Nigeria, Ms. Mary Uduk; and Vice President Republic of Côte d’Ivoire , Daniel Kablan Duncan, during the Opening Ceremony of the maiden West Africa Capital Market Conference in Abidjan, Monday.
