Capital Market

West African Securities Regulatory Authorities to Establish Bond Issuing Framework

The West African Securities Regulatory Authorities (WASRA) is planning the establishment of a regional bond issuing framework for infrastructure financing in the region.

This was one of the high points of the meeting of the body held in Abidjan, Côte d’Ivoire last weekend.

Also, the body is working towards building relationship between WASRA and ECOWAS Commission, the supervision model needed for the establishment of cross-border transaction and issuers, the development of the WASRA website, the signing of the Revised Charter of WASRA and the assigning of web master to a member country amongst others.

Chairman Mr. Soumahoro Executive Secretary of Le Conseil Regional de l’Epargne Publique et des Marches Financiers (CREPMF) Abidjan whose tenure was extended for another two years, stated these at the end of the meeting.

Soumahoro thanked the members for the confidence and the leadership bestowed on him and he spoke on his desire to continue the efforts already in place that brought the organization to its current dimension.

He said, “I am pleased with this opportunity and for the confidence bestowed on me and looking forward to strengthen our cooperation by looking at the same direction with the specificity of our respective markets to strengthen integration in our region”.

In his remarks, the Acting Director General, SEC Nigeria, Dr. Abdul Zubair, commended WASRA members on their determination to building a strong and competitive regional market that will rank at par with the markets of other regions of the world, and more importantly, in the areas of transparency, disclosure, efficiency, accountability and indeed, investor protection.

While congratulating the Chairman on his election, zubair also noted the imperative of a cohesive collaboration between the relevant regulators, operators and other stakeholders in West Africa, and the need to ensure that adequate resources are devoted.

The attendees of the meeting include the DG SEC-Nigeria, Mr. Abdul Zubair, DG SEC-Ghana, Rev. Daniel Obgarmey Tetteh and Mr. Mory Soumahoro, the Secretary General of CEPMF (Chairman WASRA). Others are the Members of the Technical Committee (TC) from SEC Ghana Mr. Jacob Aidoo, Caliis Badoo, the Secretariat, Mr. Harouna Ouedraogo and two observers from SEC Nigeria, Mr. Tony Iloka & Mrs Amina Abakura.

The Executive Council members had earlier voted and decided on the extension of the Chairman’s tenure. During the voting, all three voted in favor of the Chairman’s extension which gave victory for the continuation of his tenure.

WASRA is a regional organization for West African countries that aims to fashion out modalities and to establish an umbrella body as mutually acceptable basis for cooperation and consultations aimed at fostering market integration in the region. WASRA, established in 2015, is the recognized forum for capital markets regulators in the West African Sub Region

Capital market regulators in the West African sub region came together to establish a mutually acceptable basis for cooperation and consultations in a bid to foster market integration in the region.

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Ihesiulo Grace

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