GSE, peers join AfDB talks to reshape continent’s capital markets

Executives from the Ghana Stock Exchange (GSE) and other leading African exchanges gathered at the African Development Bank Group (AfDB) headquarters in Abidjan this week for high-level consultations aimed at forging a “new African financial architecture.”

The two-day meetings brought together more than 50 representatives from regional and continental stock exchanges, development finance institutions, and private sector investors to explore ways to mobilise long-term capital and strengthen the continent’s financial markets.

The meeting, convened under the auspices of AfDB President Dr. Sidi Ould Tah, marked the first direct engagement between the Bank and African exchanges on capital market development.

“As the architects of Africa’s capital markets, you are custodians of financial institutions and catalysts of our continent’s future,” Dr. Ould Tah said at the opening session.

“By mobilising patient capital, you provide our sovereigns and businesses with diversified funding sources, while offering investors, particularly institutional investors, a broader array of opportunities,” he added.

A key focus of the consultations was improving financing access for small- and medium-sized enterprises (SMEs), which represent nearly 90 percent of businesses and over 60 percent of employment across Africa.

Despite their economic importance, SMEs continue to face limited access to risk capital.

The AfDB stressed that reinforcing African investment funds and expanding private equity and venture capital markets would be crucial to supporting industrialisation, scaling mid-market companies, and nurturing emerging domestic champions.

Dr. Felix Edoh Kossi Amenounve, Chief Executive Officer of the BRVM, welcomed the initiative, noting that African pension funds could play a larger role in financing growth if regulatory and structural reforms were implemented.

“There are gaps between financing needs and available resources, but we need to think about the reforms needed to achieve the capitalisation of African pension funds,” he said, highlighting the importance of regional coordination.

Participants noted the challenges of regulatory convergence across jurisdictions and the need to modernise outdated frameworks.

Sonia Ben Frej, Chairwoman of the Tunis Stock Exchange, described harmonising regulations as essential for an integrated African capital market.

Donald Waweru Wangunyu, Non-Executive Director of the Nairobi Stock Exchange, added that scaling projects and implementing reforms would require coordinated regional effort, saying: “We have good projects, but the obstacles are still there.”

The AfDB outlined a three-pronged approach to address these issues: technical assistance and institutional support for stock exchanges and regulators; diversification of savings mobilisation to deepen liquidity and credit markets; and research, training, and policy dialogue to build stakeholder capacity.

Digitalisation and fintech adoption were highlighted as key enablers to improve market efficiency, while financial education among youth was stressed as critical to cultivating long-term investment culture.

For Ghana, the initiative holds particular significance. The GSE, along with other West African exchanges, could benefit from greater institutional investment, improved regulatory alignment, and deeper markets—supporting pension fund mobilisation, SME financing, and broader private sector development.

Dr. Tah underscored the collaborative nature of the effort. “We will build it together; it requires a collective effort from each of us,” he said.

The AfDB’s engagement reflects its broader Four Cardinal Points strategy, which prioritises sustainable economic growth, industrialisation, and financial resilience.

 

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