Members of the Chartered Financial Analysts Society East Africa have called on African states to fast-track institutional reforms for the harmonisation of African Capital Markets.
Speaking in Kigali- Rwanda during an investment conference, the professionals highlighted the urgent need for legal and regulatory reforms to synchronise capital markets across the continent.
The reforms emphasized the experts, will play a pivotal role in education, technology, and infrastructure investments in nurturing entrepreneurship and spurring economic growth.
“Sectors such as technology, renewable energy, and agriculture were identified as critical drivers of prosperity, promising job creation and play a critical role for spurring growth in capital markets”, Banji Fehintola, senior director and head of Treasury of Africa Finance Corporation said.
Recognising the significance of trade and connectivity in propelling Africa's economic agenda, the investment experts highlighted the need to dismantle trade barriers, promote intra-African trade, and invest in robust transportation and digital infrastructure.
Such measures, they contended, would facilitate regional integration and enhance Africa's global competitiveness.
Other key themes addressed during the conference included promoting ethical practices among investment professionals and advancing financial literacy initiatives.
Experts also discussed investing in human capital within the capital markets sector, advocacy for market integrity and transparency, and ensuring equitable opportunities for all stakeholders.
Rwanda’s minister of Finance and Economic Planning Uzziel Ndagijimana, said the society is heralding a transformative chapter in Africa’s economic trajectory.
"It is prudent for investment experts to focus on leveraging Africa’s abundant natural resources, a youthful demographic dividend, and a burgeoning entrepreneurial ethos to foster innovation, drive investments, and promote sustainable development".
The society has partnered with the Capital Markets Authority of Rwanda and Rwanda Finance Limited to bolster investment and knowledge within the local and regional finance industry.
The deal underscores a commitment to public awareness campaigns, training, research, and mentorship programs.
The signing followed a significant step by the government of Rwanda to re-build its human resource base to create a critical mass of competent staff with the required skills and experience, to build and sustain an effective Public Financial Management system that offers excellent service delivery through the Ministry of Finance and Economic Planning.
FinAcco Hub, a finance and accounting consulting firm, that was accredited by the CFA Institute as an official local prep provider in 2023, has been commissioned to train a pool of 175 candidates for the CFA programme by December.
“This initiative will target both high-performing students and working professionals.
The CFA charter provides a rigorous standard of investment management education that asset managers, sovereign wealth funds, banks, regulators and governments around the world depend on to train their staff in internationally accepted investment practices.