A new stock exchange for East Africa may coalesce in as little as one or two years, according to regional officials. The joint market, which would merge existing exchanges in Kenya, Rwanda, Tanzania and Uganda, would have a combined capitalization of about $31 billion.
“Definitely we want to have one stock exchange. Technically, I think we are almost there. Maybe it will happen in about a year or two,” Kenneth Kitariko, CEO of the Ugandan brokerage firm African Alliance, said to reporters at an event organized by Thomson Reuters.
Stock markets across North Africa and in South Africa have traditionally been the most attractive to foreign investors, but fast economic growth in East and West Africa has lately thrust countries like Ghana, Nigeria and Kenya into the spotlight. However, the East African market won’t be the first regional stock exchange — it trails behind pioneers including the Central African Market Exchange, or BVMAC, in French, and the West African Stock Market, or BRVM, in French.
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