INTERVIEW: CEO of West Africa's Regional Stock Exchange Says It’s Time for Investors to Come to Africa

Why It Matters

Integrating West Africa’s eight economies into a single, liquid market could create the continent’s second‑largest exchange, attracting capital that fuels growth and diversifies funding sources beyond banks.

Key Takeaways

• International investors hold ~30% of BRVM assets.
• BRVM targets Ghana and Nigeria to become Africa’s second‑largest exchange.
• Market cap $30 bn; debt market $25 bn across 200+ securities.
• AELP aims to create a one‑stop shop for global investors.
• BRVM ranks second in Africa for sustainable‑finance listings.

Pulse Analysis

West Africa’s regional exchange is at a crossroads, leveraging the region’s 6‑6.5% average GDP growth to lure foreign capital. By linking eight francophone economies under a single trading platform, the BRVM offers investors exposure to a diversified basket of banks, telecoms, agriculture and consumer firms. The African Exchanges Linkage Project (AELP) promises a seamless, continent‑wide gateway, reducing the friction of multiple currencies and regulatory regimes. If the BRVM successfully incorporates anglophone powerhouses such as Ghana and Nigeria, its market depth could rival Johannesburg, reshaping Africa’s capital‑raising landscape.

Liquidity remains the exchange’s Achilles’ heel, prompting a suite of reforms. Proposals include raising free‑float ratios, splitting high‑priced shares, extending trading hours, and introducing market makers to stimulate volume. Simultaneously, the BRVM is courting state‑owned enterprises, private‑equity‑backed firms, and national champions to broaden its listing pipeline. These steps aim to shift financing away from over‑reliant bank lending toward a more vibrant equity and bond market, supporting infrastructure projects and private sector expansion.

Sustainable finance is emerging as a strategic differentiator. The BRVM already hosts a suite of green, social, gender and sustainability‑linked bonds, positioning it as Africa’s second‑largest hub for ESG‑focused securities. By championing climate‑resilient projects and inclusive financing, the exchange can attract impact‑oriented investors seeking both returns and societal benefit. This dual focus on market depth and sustainability could accelerate capital inflows, enhance regional economic resilience, and cement the BRVM’s role as a gateway to Africa’s fast‑growing economies.