The initiative, the West African Capital Markets Integration Council (WACMIC), would create the second-largest exchange in Africa after the Johannesburg Stock Exchange (JSE) in as soon as five years.
“We have 39 listed companies from the telecommunications sector, the banking sector, [and] industry,” notes BRVM’s CEO, Edoh Kossi Amenounve. Of this amount, 30 listings are based in the BRVM’s home country of Ivory Coast.
“Potentially, we could get up to 100 listed companies on the BRVM within the next five years,” Amenounve said. “But after that, even if you reach 100 listed companies or 200 listed companies on the BRVM, the BRVM will remain a small stock exchange compared to the JSE or the Nigerian Stock Exchange. It is for that reason that it is very important for us to have a kind of linkage between the BRVM and [other] stock exchanges in Africa.”
American investors like Franklin Templeton and Auerbach Grayson are already players in the BRVM, attracted in part to the region’s growth. “The first factor that influences our market is the [economic] growth in our countries,” said Amenounve. “Ivory Coast, which has the biggest economy in the West African Monetary Union, has a performance of about 10% average over the last three years. The other countries like Senegal, Burkina Faso, Mali, and Togo have an average performance of about 5% GDP growth.”
“If you come to Africa to invest, you [need] to have a long-term vision of Africa,” he added. “That is very key because Africa is growing … You don’t come to Africa to invest for two years or three years. You have to invest for a long time.”
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