Efficient Markets Demand Regular Assessments – SEC DG

The efficient functioning of capital markets in the West African Region demands a regular assessment of policies and programs to fit current realities, and address the region’s peculiar challenges.

This was stated by director-general of the Securities and Exchange Commission, Lamido Yuguda at the West African Capital Markets Conference with the theme: “Deepening and Strengthening the Capital Markets across West Africa through Effective Regulation” held in Accra, Ghana.

The conference was organised by the West Africa Securities Regulators Association (WASRA).

Yuguda who is also the WASRA chairman, said the need for regular assessment necessitated the revision of the WASRA/West African Capital Markets Integration Council) road map to reflect current developments and include specific initiatives that will further improve the successful implementation of integration and other efforts.

He reiterated that against the backdrop of innovation and dynamism in the capital markets, there is the need for regulators to keep pace with this trend, a statement by the commission said.

Yuguda stated that the WACMaC periodically presents members with an opportunity to explore the role that financial markets should play in supporting the growth of the real sector of the respective economies and indeed the sub-region in general.

“We intend to engage and partner with them to build capital markets that will support the growth and development of their respective countries while advancing our regional market integration efforts.

“As the region continues to expand in market size and influence, it becomes increasingly more important to focus our attention on developing world class markets by looking at innovative ways to address critical issues such as systemic risk, market integrity, investor protection, Fintechs and disruptive technologies.

be steadfast in our collective efforts to close the geographic distance between our markets through ways and means that facilitate regional integration,” Yuguda said.He expressed delight at the high level of participation at the meeting emphasising that the biennial Conference is geared toward promoting robust discussions on how to harness resources and effectively optimise collective efforts towards the integration of markets in the region.

In his address, director-general of Ghana’s Securities and Exchange Commission, Daniel Ogbarmey Tetteh said the journey to achieve an integrated capital market in the West Africa sub-region began some nine years ago with the overarching goal of creating a regional capital market that would create the platform for various issuers including corporates, governments, regional development bodies, agencies and multilaterals to raise relatively cheap capital to fund regional infrastructural projects, corporate expansion and private sector development, cross-border trade and overall economic development of the sub-region.

Tetteh said the conference was focused on how effective regulation can enable the deepening and strengthening of the capital markets in the sub-region.

“Any weak link in the regulatory regime in an integrated market can spell doom and hence the need for a lot of effort to be channelled into developing a harmonised set of rules and regulations, the application of best practice in the regulation of securities markets and pursuit of robust cooperation to avoid regulatory arbitrage, protect investors as well as the integrity of the capital markets.”

Rev. Tetteh called on all member states of ECOWAS to get on board and join the pursuit for the achievement of an integrated market in the sub-region.


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