Preparatory to the integration of the stock exchanges in Africa, delegates from Ghana and Cote d' Ivoire led by Mr. Joseph Nnana visited the Nigerian Stock Exchange yesterday for a meeting with its management.
According to Nnana, who is the director general of the West African Monetary Institute (WAMI), the meeting was convened to enable representatives listen to the presentation of the consultants hired on behalf of WAMI by the United States department of trade.

He said that at the end of yesterday's presentation, the consultants would come up with an accounting and IT framework for the integration process.
His words: "My mission to the NSE today is to listen to the presentation that is to be done by the consultant hired on behalf of WAMI by the US department of trade. They were given the task to make a proposal of order for the integration of the NSE and the Ghana Stock Exchange such that the regulatory framework, legal framework, IT platform and the accounting system of these two exchanges will be harmonised and be similar so that somebody in Nigeria can readily buy the shares of quoted companies stock in the Ghana Exchange vice versa.

"We have just finished the morning presentation and we seem to be very satisfied with what they are doing. Tomorrow (today), they will round off with their presentation on the accounting and IT framework and we hope that at the end of the day, they will be able to provide to the stakeholders the blueprint, which will enable them to be able to integrate and harmonise the two stock exchange.
"We shall also go beyond that of Ghana and Nigeria to that of francophone zone, the monetary union of West African French speaking zone."

Speaking on behalf of the Nigeria Stock Exchange, the Assistant Director-General, Lance Musa Elakama said that stock exchange believes in regional integration and suggested that steps should be taken to consolidate the efforts for early outcome. His words: "The Nigerian Stock Exchange believes in the promises of regional integration of the securities market of West Africa and has been in the vanguard of giving life to this aspiration.

"However, given the work already being done by the stock exchange and the Securities and Exchange Commissions of the sub-region, I wish to suggest that steps be taken to consolidate the efforts for a more robust and early outcome."