"West Africa: Capital market integration expected to drive sub-region’s GDP to $900bn

" West Africa: Capital market integration expected to drive sub-region's GDP to $900bn - Dr Olowofeso \r\n\r\nDr Olorunsola Olowofeso, the Director General of the West African Monetary Institute (WAMI), has revealed that the integration of capital markets in the West African sub-region is projected to have a substantial impact on economic growth.\r\n\r\nAccording to Dr Olowofeso, this integration will result in a remarkable increase in the Gross Domestic Product (GDP) of the region, reaching an estimated value of $900 billion. Such growth would represent a significant surge of $167 billion when compared to the current West African GDP of $733 billion.\r\n\r\nSpeaking to norvanreports on the sidelines of the Capacity Building and Sensitisation of regulators and industry players in the capital market on the implementation of Phase 2 of the West African Capital Markets Integration (WACMI) Project on Tuesday, July 18, 2023, Dr Olowofeso emphasized the transformative potential of this initiative asserting the integration of capital markets is expected to generate several positive outcomes, including enhanced liquidity within the sub-region's capital markets, leading to increased investment opportunities and improved financial transactions.\r\n\r\n\u201cSuccessfully integrating capital markets in West Africa will lead to an increase in the region\u2019s GDP from $733bn to between $800bn and $900bn. It will boost liquidity on our capital markets, increase job employment and make the region\u2019s ICT infrastructure robust,\u201d he remarked.\r\n\r\n[caption id=\"attachment_89880\" align=\"alignnone\" width=\"1148\"] Regulators and Industry Players at WACMI Capacity Building and Sensitisation Event in Accra[\/caption]\r\n\r\nMoreover, Dr Olowofeso highlighted the job creation potential associated with the integration. As capital markets thrive and attract more investors, the sub-region is poised to experience a boost in employment opportunities. Additionally, the Director General underscored the importance of a robust information and communications technology (ICT) infrastructure, which would be fostered through the integration, further bolstering the region's economic landscape.\r\n\r\nThe West African Capital Markets Integration (WACMI) Project aims to harmonize and integrate capital markets across West African countries, promoting efficiency, encouraging investment, and facilitating economic growth. By aligning regulatory frameworks and creating a seamless and interconnected marketplace, the project seeks to tap into the untapped potential of the West African sub-region's capital markets.\r\n\r\nThe projected surge in GDP signifies the economic prospects that lie ahead for West Africa. As financial integration takes hold, the sub-region is poised to unlock new avenues of growth, attracting both domestic and international investors seeking to capitalize on the expanding market opportunities. This development aligns with broader efforts to strengthen regional integration and foster economic collaboration within Africa.\r\n\r\nThe West African capital markets are poised for transformation, and the anticipated GDP increase underscores the promising future that awaits the sub-region. As the implementation of the WACMI Project progresses, West Africa solidifies its position as an emerging economic powerhouse, ready to leverage its vast potential and reap the benefits of a unified and thriving capital market."

"West Africa: Capital market integration expected to drive sub-region’s GDP to $900bn

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