Bourse merger for Nigeria and Ghana

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Talks are underway for the integration of the Nigerian Stock Exchange (NSE) with that of Ghana, such that an investor in each of the two countries can buy shares at the two exchanges, according to the Director of West African Monetary Institute (WAMI), Joseph Nnnana.

“We are here on seeking ways of integrating and harmonising the stock exchanges in Ghana and Nigeria. I hope with what is going on here (Nigeria), the integration will be fast tracked,” Nnnana told stock brokers Thursday on the floor of the Nigerian stock exchange.

The WAMI Director, who led other delegates from Ghana and Cote d’Ivoire to the exchange and also performed the symbolic closing of trade with the ringing of the bell, urged the stock brokers to brace up to take advantage of the opportunities and challenges that might arise from the integration.

He underscored the need for the operators to uphold good ethical and business practices in order to continue to win the confidence of investors.

Responding on behalf of other stock brokers, Emeka Madubueke said the integration, when fully operational, would be quite beneficial to them.

Speaking later in an interview with newsmen, Nnnana said WAMI had been pursuing the West Africa monetary zone project, which has the objective of having a common currency in the sub-region.

“So far progress has been made in the actualisation of a common currency, come 2009 I believe it will be fully operational, given the level of work done. Nigeria and The Gambia have been meeting the primary convergence criteria since 2006. Others are also making efforts,” the WAMI boss said.

He also shed more light on the integration of Ghana stock exchange and that of Nigeria.

“My mission to the (Nigerian) stock exchange is to listen to the presentation to be done by the consultants hired on behalf of WAMI by the United States Department Of Trade.

“They have been given the task to make proposal for the integration of NSE and the Ghana stock exchange, such that the regulatory, legal framework, accounting system and ICT platform will be harmonised,” he said. Panapress

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