In a bid to encourage market integration and provide better opportunities for economic prosperity of Nigeria and Ghana, the Securities and Exchange Commission of both countries have signed a renewed Memorandum of Understanding.
Speaking during the signing ceremony in Accra weekend, Director General of the SEC Nigeria, Mr. Lamido Yuguda recalled that both countries had enjoyed a long period of progressive and mutually beneficial brotherhood and partnership with same applying to both institutions which resulted in the first MoU in 2003.
He said that with the revised MoU, both countries have developed a robust and inclusive document that is all-encompassing and reflective of current trends, emphasizing that the goal of the West African capital markets integrated programme is the creation of an enabling environment for cross-border securities transactions and the integration of all capital markets jurisdictions in the ECOWAS region.
Yuguda added that both the SEC Ghana and SEC Nigeria, desirous of achieving these ideals, have taken the lead by example by driving this project in the sub-region while hopefully aiming to someday expand its coverage beyond the sub-regional frontiers onto other parts of the continent of Africa.
In his remarks, Director General of SEC Ghana, Rev. Daniel Ogbarmey Tetteh said both Securities Commissions are ready to work together and develop the potentials of the capital market by examining issues and exploring ways to resolve them to make the capital markets work better.
Tetteh said, “This is a good framework that will benefit both countries and the sub region. If you want to go far, it is better to go along with others and that is why we always have discussions on co-operation in the capital market. We had an MoU in 2003 which centred on collaboration and leveraging the potentials of the capital markets in the sub region. We are better off when we pull together to attain the potentials of our capital markets.”
