West Africa Capital Market Regulators Form Association to Foster Integration

Capital market regulators in the West African sub region have formed the West Africa Securities Regulators Association (WASRA) in order to foster market integration in the region.

While speaking after the inaugural meeting of WASRA and the signing of a Memorandum of Understanding (MoU) between the member countries in Lagos, the Director General of Securities and Exchange Commission (SEC) Mounir Gwarzo, explained that the association will support the integration of the capital market.

He said “For quite a while we have been thinking of how the regulators can come together to form an association so that we can support the integration of the capital market within the West African Region. You are aware of the existence of West African Capital Markets Integration Council (WACMIC) whose aims and objectives are to see a means of bringing the capital markets within the West African region together.

“What we have not had is a close collaboration and close interface within the commissions so that they can also support the good work that WACMIC is doing. Even in International Organisation of Securities Commissions (IOSCO), one of the objectives they have set out is integration within the member countries. Already the East African countries have one, the Middle East have their own associations and are doing quite well, hence the need for us to set up own regional body.

Also speaking, Director General of SEC, Ghana, Dr. Adu Antwi added that “We have seen some progress in the area of integration in the region, what will back this progress is for regulators to have their own association, which will lead and ensure that what WACMIC is doing will become a success since we are the people that interface with government on policies.

One of the reasons why we are having this association is to ensure that rules and regulations are unified and we have an integrated market. We always wanted the regulators to have their own body as policy makers so that what WACMIC is doing can be stronger. We will ensure we push this agenda and this association will be able to help in achieving the noble objectives of the states in the markets.”