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View from Davos January 2 2014

Building Francophone Africa’s capital markets

Francophone west Africa’s regional stock exchange, the BRVM, suffers from low turnover and a lack of listings. But its chief executive tells Paul Wallace he is determined to change that and bring about closer ties with Nigeria and Ghana’s stock markets. 
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Building Francophone Africa’s capital markets

The Bourse Régionale des Valeurs Mobilières (BRVM), a stock exchange for eight countries that form the west African CFA franc monetary zone, has long had a reputation for lacking dynamism and offering few opportunities for investors, particularly foreign ones.

In part, this is merely a reflection of economic reality. Many members of the West African Economic and Monetary Union, know by its French acronym UEMOA, are small and poor, even by African standards. And the region still suffers from political instability, with Guinea-Bissau and Mali, neither of which has any companies listed on the BRVM, having experienced military coups in the past two years.

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