Kigali — Last week, during the launching of the Monetary Policy and Financial statement, the Capital Markets Advisory Council (CMAC) was criticised for not doing much to promote the capital markets.

Many of the delegates that The New Times spoke to, felt that CMAC, a body that was formed to set up and regulate operations at the Rwanda-Over-The-Counter Market (ROTCM), was not doing much to attract equity.

The Rwandan capital market was also unfairly compared to its counterparts in the region that have existed longer.

While the ROTCM has not attracted any listings so far, it has seen the participation of government and corporate bonds. The market has also attracted a Kenya Commercial Bank (KCB) cross-listing. And, it is also worth noting that the bourse is at a younger stage.

The law establishing the Capital Market Authority in Rwanda as well as the one regulating it are yet to be passed by parliament. However, government has approved the privatisation program of its shares through the capital markets. The privatisation of BRALIRWA is at advanced stages and the government has already nominated its team of advisers.

Since the capital markets expects more domestic companies to be listed on ROTCM, after BRALIRWA the bourse needs more support from all stakeholders