27 Nov 2019

The president of ASEA and Chief Executive Officer of Casablanca Stock Exchange, Mr Karim Hajji has said Botswana is a progressive nation and the World Bank Ease of doing business report indicates that by the year 2020 the country will be ranked eighth in Africa and 78 globally due to the adherence of the rule of law.

Speaking,during the just ended 23rd annual African Securities Exchanges Association (ASEA) conference in Kasane, Mr Hajji said Botswana was one of the countries with the highest GDP per capita in Africa with approximately 8000 dollars per capita.

He noted that in 2013 Botswana ventured into exporting processed diamonds and today diamond revenues make one third of the country’s GDP, which was translated into infrastructure, social development and significantly elevated the livelihoods of the citizens, which he said was commendable.

He said Africa was hope to the largest free trade zone in the world with a market of 1.2 billion people at a combined GDP of 2.5 trillion.

Mr Hajji said ASEA’s aim is to facilitate cross border trading and settlement of securities. He however said Africa is one of the least integrated continents in the world with only 15 per cent of inter-trade.

World Bank group country representative and Special Envoy to SADC, Mr Xavier Furtado said economic development requires healthy growth of a nation’s financial sector.

Presentating on building resilient African capital markets during the just ended 23rd annual African Securities Exchanges Association (ASEA) conference in Kasane, Mr Furtado said 16 countries in the Sub-Saharan suffered debts.

He noted that the continent could not fully develop if clearing and settlement systems were non-existent to enable trading and money market arrangements.

However, he said that there were unrealised potential of capital markets in Africa that remained un-penetrated.

In his welcome remarks, chairperson of Botswana Stock Exchange (BSE), Lieutenant General Tebogo Masire said ASEA aimed at developing member exchanges provide a platform for networking and develop markets in the African continent.

He said Botswana’s participation in ASEA was an important gesture particularly as a country that intended to realise an inclusive and intent real economy growth driven by a robust private sector.

Lt Gen. Masire thanked ASEA for having confidence in BSE to host this year’s conference. He reiterated the importance of stock exchanges to be part of community development adding that BSE was honoured to be the best exchange in educational initiatives.

ENDS