Seven African Stock Exchanges to cross-trade
By Nsikan Ikpe
In what observers see as a complementing activity for the African Continental Free Trade Area, AfCFTA, seven African Stock Exchanges are presently putting finishing touches to a project that would see investors in any of their platforms being able to cross-trade from the first quarter of 2021.
The exchanges are those in Nigeria, Ghana, Cote D’Ivoire, Morocco, Kenya, South Africa and Mauritius.
The project is coming under the auspices of the African Stock Exchanges Association, ASEA and has already received a $1million grant from the Akinwumi Adesina-led African Development Bank, AfDB.
The African Continental Trade Area is an initiative of the African Union which has presently been endorsed by 54 of the continent’s 55 states. Its operational headquarters is in Accra, Ghana and activities get into full swing later in the year 2020. Eritrea is the only African country that is yet to formally endorse the agreement.
Dr Akinwumi Adesina, President, AfDB