The Ghana Stock Exchange (GSE) signed a historic Memorandum of Understanding (MoU) with the Jamaica Stock Exchange (JSE) in May 2022 to forge a stronger relationship across the stock markets and the economies of both countries.
The GSE was founded in July 1989 and ranks among the 10 oldest Stock Exchanges in Africa. The JSE, founded in 1968, started operations on February 3, 1969, and was the first stock market to be created in the English – Speaking Caribbean with over 100 listed companies currently. It has since created five markets comprising the Main Market, Junior Market, US Denominated Market, Bond Market, and Private Market.
This is the first time such an MoU is being signed with a Caribbean Exchange and this presents enormous opportunities for both exchanges. The opportunities include linkages across both markets, strengthening of the Diaspora connections between the two countries and creation of wealth in both countries.
According to the Managing Director of the Jamaica Stock Exchange, Dr. Marlene Street Forrest, “This relationship with Ghana is very strategic to us as we pursue our 2025 vision to expand our borders for growth and sustainability. We believe that this partnership can ensure wealth creation and even further development of our markets from the frontier to emerging markets,” she said.
As rightly posited by the Director-General of the Securities and Exchange Commission, Rev. Daniel Ogbarmey Tetteh who said such partnerships with exchanges in other regions will help promote the sharing of best practices and knowledge transfer, which are critical to the development of capital markets. We at Economic Growth and Development Center laud this kind of partnership as we believe that Africa can leapfrog in development with the right kinds of partnerships.
Contributed by Oyekunle Adesiyan
Reference: Joy Business