The President of the Republic of Kenya, William Ruto, has encouraged countries in the African Securities Exchange Association (ASEA) to have at least five listings across the continent per day,to accelerate economic growth.
He said this while speaking to the Annual Africa Securities Exchange Association on Thursday, November 23, 2023, in Nairobi, Kenya.
According to President Ruto, opportunities to re-establish the competitive edge of public resource markets should be implemented as a means of change.
“This will free up more capital and accelerate the continent’s economic and business growth, he said at the conference. We will continue to push for innovative bourse reforms to tame risks and foster vibrancy, which will free up more capital and accelerate the continent’s economic and business growth,” said Ruto.
He went on to say that the stock exchange is critical in mobilizing resources for development and that, if capitalized on, it has the potential to transform Africa into a global economic powerhouse and financial center.
The ASEA was founded in 1993 by the Nairobi Securities Exchange, which was followed by the Stock Exchange of Mauritius, the Uganda Securities Exchange, and the Dar es Salam Stock Exchanges. The association is currently represented by 25 exchanges serving 37 African countries.
The goal of ASEA is to provide a formal framework for the mutual cooperation of African securities exchanges. Its functions include information exchange and assistance in the development of member exchanges. There are currently 29 stock exchanges operating in Africa, with a combined market capitalization of around $1.6 trillion.
