Rwanda ready to host African Stock Exchanges Annual Summit

Published by IGIHE
On 13 October 2016 saa 09:21
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The Rwanda Stock Exchange (RSE) in association with the African Securities Exchanges Association (ASEA) will host this year’s 20th ASEA Conference, in Kigali-Rwanda from 27th to 29th November 2016, at the Kigali Serena Hotel.

Speaking during the official unveiling of the event yesterday, Celestin Rwabukumba, the chief executive officer of the Rwanda Stock Exchange (RSE) said it will bring together member exchanges from all over Africa and other international partners, where they will share experiences and chart a way forward on how to respond to the diverse financing needs that African economies face.

“The global economy is interconnected now more than ever, in that what happens in one part of the world has the power to affect other economies in the far ends of the globe, like it has been severally proven in the last few years,” he said.

The conference, which will also mark the 5th anniversary of the RSE in operation, will bring together more than 300 global and regional experts in capital market, regulators, law firms and issuers, domestic, regional and international investors, rating agencies, portfolio and investment managers, government representatives, as well as technology providers and trading participants. It will be the first time Rwanda and RSE are hosting the flagship event.

The theme this year will be, “The Road to 2030, making the African Capital Markets Relevant to the real economy”, and will seek to address the disconnect between African micro economies and capital markets, by exploring possible steps to be taken in order for markets to sustainably address the real business needs, and fix operational deficits existing among exchanges to be more competitive on the global stage.

“We all know that today the capital markets in all African economies have similar issues of liquidity, market penetration, few retail investors, technology and low contribution towards the Gross Domestic Products in terms of raising money,” Rwabukumba noted.

In his remarks, Robert Mathu, the executive director of the Rwanda Capital Market Authority (CMA) said RSE hosting this year’s ASEA conference is an honor to the Rwandan financial sector and presents an opportunity to showcase the competitiveness of the financial services sector, especially the securities market.

“A lot has been going on in our capital market and during this conference we will have opportunities to make particular announcements and I am going to connect this to the integration of Rwanda’s financial sector with the region’s capital market, specifically the East African Community,” he said.

He added that the visiting delegates will be in the country to look for partners and investment opportunities in Rwanda’s emerging securities industry.

“Therefore, the capital market is the right way to go for mobilizing long-term capital. Because the way the global economy is trending, more and more sub-Saharan countries are being directed to look for alternative and reliable ways of sourcing funding for our businesses. This will enable us sustain our economic growth and respond to the changing needs from economic trends,” Mathu explained.

Today, the world economy is dealing with the effects of global economic shocks, the biting debt crisis and unfriendly interest rates and these continue to handicap many developing economies, especially in Africa.

Sub-Saharan Africa alone needs $50 billion annually to finance its infrastructural projects, according to the African Development Bank; this leaves capital market as one of the reliable financing options to drive economies.

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Celestin Rwabukumba, the chief executive officer of the Rwanda Stock Exchange
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RSE’s CEO, Rwabukumba (R) addressing journalists at the official announcement of the ASEA 2016 conference to be held in Kigali next month as CMA’s Executive Director, Mathu (L) looks on