SEC hinges prosperity on sound economic policies

Acting Director-General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk, has stated that sound domestic economic policies are critical to the actualisation of a nation’s prosperity.

She urged key stakeholders in the capital market to implement sound economic policies and build robust financial institutions for the economic prosperity of West Africa (WA).

Addressing participants at the maiden WA capital market conference in Abidjan, Cote d’Ivoire, yesterday, Uduk reiterated that the market “plays a critical role in economic development.”

The Vice President, Republic of Côte d’Ivoire, Daniel Duncan, while declaring the conference open yesterday, expressed the need for a harmonised regulatory framework within the WA sub-region for economic growth.

Uduk said the theme of the conference, ‘Positioning West Africa Capital Markets to Achieve Sustainable and Real Economic Growth through Integration and Sound Regulation’, clearly articulated the aim of the gathering.

“The conference could not have taken place at a better time. With globalisation and increased connectivity of our markets as well as investors’ quest for liquidity, market efficiency, and lower transaction costs, it has become imperative to begin to have conversations around initiatives aimed at integrating markets and improving regional market competitiveness.

Her words, “In addition, market integration requires participating exchanges to have the proper technological infrastructure to facilitate trading as well as adopt the highest standards of transparency and integrity.”

She said the forum provided participants with the rare opportunity to share relevant experiences and knowledge of best practices in capital market operations and regulation.

“I, therefore, urge us all to take advantage of this auspicious event to learn from one another and adopt principles that will strengthen integration efforts in the WA region and deepen our markets to be competitive, robust and resilient to shocks,” she added.

Duncan emphasised that capital markets in the region were important to economic growth and commended the conference organisers on the initiative.

According to him, the development of states has shown the importance of capital markets in their respective economies.

He said, “We need to work towards addressing the challenges facing our countries. We, therefore, need to find ways to mobilise part of the global savings to Africa to finance infrastructure development.”