After nearly a decade in the works, Uganda, Tanzania, and Rwanda are speeding up plans to merge their stock markets electronically in a bid to ease the cost and time difficulties of cross-border trading. When completed, local investors will be able to buy and sell stocks across those three countries without the currently existing hurdles, such as needing different stockbrokers in each country. The joint stock market project, which is funded by the World Bank, is expected to become operational by the end of the year. The move will see the three countries create a stock exchange with a combined market cap of around $15 billion. Yet, it could have been much larger had Kenya not pulled out of the project back in 2015 over alleged procurement irregularities in the awarding of software contracts. Asides from being East Africa’s largest economy, Kenya is also home to the region’s largest stock market with a market cap of $22 billion.
SOURCE: QUARTZ AFRICA
More Stories
A Mangrove Project is the Star of Kenya’s Gazi Bay
Not Enough Females Operating in the African Venture Capital Space
Slavery has a Complex Legacy in Niger
Human Trafficking in Tanzania Exposed
Many African Countries are Also Grappling with a Serious Dollar Shortage Crisis
Harare’s New Scheme to Curb an Economic Collapse
South Africa Closes Off Youth Month on a Tragic Note
Activists Want Morocco to Account for Border Deaths
The Digital Economy as an Important Driver of Long-term Growth in Africa
The Work Must Continue… Equity & Innovation for Africa’s Recovery
Botswana and Cape Verde Moved to Level 3- High Risk
10 Best Experiences in Kenya