Ghana: Integration of Financial Markets in W.A to Increase GDP to U.S.$900 Billion – DG, Wami

The full integration of the capital markets in West Africa will help increase the sub-region’s current Gross Domestic Product (GDP) of $777 billion to about $900 billion, the Director-General of the West African Monetary Institute (WAMI), Dr Olorunsola E. Olowofeso, has said.

That, he said, would help boost liquidity and attract more capital to the sub-region and help in job creation.

Dr Olowofeso disclosed this in an interview with the media during a capacity building and sensitisation programme on the West African Market Integration Phase II Project in Accra on Tuesday.

The two-day programme was attended by more than 200 participants, including stock brokers, and operators of the capital market from West Africa. African Development Bank is sponsoring the West African Capital Market Integration Project under its Capital Markets Development Trust Fund.

He said the integration of the capital market in West Africa would help deepen the financial sector and the development of the sub-region.

“If you have robust capital market, it is going to attract a lot of portfolio investors to the region,” Dr Olowofeso stated, adding that the integration also involved insurance and debt market.

The Director-General of WAMI said the harmonisation market rules of the West African Capital Market had been completed.

He said the components of the Phase II included the development and hosting of a centralised database and a website for the West African Capital Market.

Touching on workshop, Dr Olowofeso said it was designed to enhance the skill level of different classes of market participants through dedicated trainings on operating rules, investment processes, trading and settlement operations for cross-border investments.