AfDB trains first Pan-African regulators
Harare – The African Development Bank (AfDB) has commenced a process of training Pan-African regulators of derivatives and commodities exchanges.
The move will result in the development of a truly Pan-African as regulators of stock exchanges on the continent have tended to receive their education from abroad.
The workshop is a plan of action that highlights the AfDB’s appreciation of the importance of efficient financial and commodity markets as a prerequisite for equitable, inclusive and sustainable development.
The first such training initiative was a one-week, pan-African training workshop for African regulators of derivatives and commodities exchanges held earlier this month in Abidjan, Côte d’Ivoire.
Officiating at the event, a representative of the Ivoirian Minister of Commerce Job Essis N’Guessan stressed the importance of commodities and derivatives markets, especially after the global food crisis of 2007 and the global financial crisis of 2008.
He stated that as the environment in Africa is becoming increasingly conducive to investment, there is need to make sure that investor interest translates to an improvement in Africa’s ability to develop itself.
The workshop provided participants representing 30 African countries with strategic and technical skills to assist African securities and capital markets authorities develop legal and regulatory frameworks for derivatives and commodities exchanges.
Luke Ombara, Acting Director of Regulatory Policy and Strategy at Kenya’s Capital Markets Authority (CMA): “The training exposed us to other aspects of future and derivatives regulation that we will be grappling with once the CMA has licensed the successful applicants for establishment of Futures Exchange ‑ notably contract creation, licensing and monitoring of market intermediaries, clearing and settlement and market manipulation.”
Another participant at the training workshop, Keith Mukami of Bourse Africa Limited said the workshop provided “the cornerstone to building sustainable and well regulated African commodity markets in the long term.”
The training workshop, the first in a series of trainings on market regulations, was jointly organized by the African Development Institute, the NEPAD, and Regional Integration and Trade Department of AfDB.