The conclusion was drawn during a three-day workshop on capital markets sponsored by the United Nations Economic Commission for Africa (UNECA), and held in the Nigerian capital, Abuja from 12 to 14 December.

Discussions on increasing stock market efficiency, as well as the West Africa Monetary Zone (WAMZ) and its relation to capital markets marked the end of the workshop organized by the Economic and Social Policy Division (ESPD) of the UNECA for 23 operators from Sierra Leone, Nigeria and Ghana.

“In order to streamline the WAMZ, the capital market system operators of the Security Exchange and Exchange Commissions must be clearly brought into the scheme of things,” said Emmanuel Nnadozie, the head of ESPD’s Macroeconomic and Finance unit, during discussions.

On the establishment of new stock exchanges in Africa, participants of the workshop suggested that instead of planning to establish new stock exchanges, countries like Sierra Leone should avail themselves of services of existing exchanges such as the Nigerian and Ghanaian stock exchanges.

This would hold especially true in post-conflict countries, where economies are still recuperating, and where exchange rates are still volatile.

“In addition, it’s necessary to promote greater integration the stock exchange markets in the sub region, paving the way for greater viability and efficiency,” said Emmanuel Nnadozie, in his closing remarks.

“Workshops of this kind are an excellent platform for understanding problems and prospects of capital markets,” said broker Mr Azu Odita, of Nigeria’s Networth, a private brokerage house.