Alex Ngarambe
9 July 2009
Kigali — Despite the current global economic recession, the East African Securities Exchange Association (EASEA) has vowed to attract more investors on the region's four stock exchanges.
The commitment was made during the 14th EASEA meeting held in Gisenyi, Rwanda from July 2-3, 2009.
"Attracting capital in the region in the face of the financial crisis is challenging and there is a need for EASEA to continue sensitizing the outside world about the opportunities available in the region," said Robert Mathu the Executive Director of the Rwanda Capital Markets Advisory Council (CMAC).
A joint statement by the association says that the meeting noted the importance of engaging market intermediaries for passing on the information between the buyers and sellers of financial securities.
The EASA is made up of the Nairobi Stock Exchange (NSE), Dar es Salaam Stock Exchange (DSE), Uganda Securities Exchange (USE) and the Rwanda Capital market Advisory Council (CMAC). Burundi is yet to join since it has no stock exchange.
The association seeks to harmonize the region's stock exchanges that will help it focus on expanding revenue for the region, reducing the cost of doing business and maximize economies of scale.
The statement said that leaders noted that the global financial crisis had led to the decline in the liquidity levels of the EAC stock markets.
"There is a need for regional markets to take a leading role in informing the political leaders and technocrats on what measures were required to stimulate the capital markets and developing innovative products that appeal to both the users and investors," Jonathan Njau Chairperson of EASEA said.
In the effort to build capacity for the young market, Rwanda has intensified its public education campaign through the national public education program.
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