NYSE CEO Praises Botswana at Ringing of Closing Bell and Cites African Opportunities

19 September 2005
Content from a Premium Partner
Corporate Council on Africa (Washington, DC)
press release

New York — Botswana is the only African country with an A+ credit rating from both Standard and Poor's and Moody's rating services. In his meeting with Botswana's President Festus Mogae, NYSE's CEO, John Thaine, said "Botswana serves as a model for the developing world. The country has demonstrated growth and fiscal transparency that even bigger countries would envy." Thaine added, "with President Mogae ringing the closing bell of the NYSE, people will ask questions and see that Botswana's track record is impressive."

President Mogae is only the third African President to ring the closing bell at the New York Stock Exchange. The closing ceremony is watched by more than 120 million viewers around the world tracking financial markets. Previous African Presidents to have rung the bell include former Zambian President Frederick Chiluba and President Thabo Mbeki of South Africa.

There are 2,780 companies listed on the NYSE with a market capitalization of US$20 trillion. US$7 trillion of this is from non-United States companies. Thaine said the NYSE is interested in expanding capital and working with exchanges in other countries, including Botswana to help develop stock exchanges.

President Mogae said he was encouraged by the afternoon's proceedings. "Botswana is here for inspiration," said President Mogae. "I am well aware of the market size represented here at the NYSE and it is wonderful to be part of the awe-inspiring atmosphere." The President also said that he was grateful to both Ambassador Huggins and Ambassador Doley for encouraging him to visit the NYSE.

The Corporate Council on Africa's new Senior Advisor on Financing and Capital Flows, Ambassador Joseph Huggins, worked with Harold Doley of Doley Securities and Botswana's Permanent Representative to the United Nations, Ambassador Alfred Dube to arrange President Festus Mogae's historic ringing of the closing bell.

Thaine said that "as a mechanism for providing capital, a stock market is important. The African continent offers many opportunities for the future, South Africa for obvious reasons but Botswana also has potential and an impressive track record to match." President Mogae who was in New York to attend the proceedings surrounding the 60th anniversary of the United Nations said that while "Botswana has substantial relations with the United States government, we can now count the New York Stock Exchange among our friends."

The Corporate Council on Africa recognizes the potential represented in Botswana's economy and plans to lead a trade mission to Botswana and Namibia that will focus on financing, investment and banking, ICT, and tourism opportunities in November, 2005.

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