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
Joshua Baraka is Ugandan Music’s Next Big Thing
Design for Human Rights
A Landmark Exhibition Celebrating the Global Impact of Modern and Contemporary African Fashions
Seven Striking Images by Africa’s New Creative Wave
Broken Chord, Sadler’s Wells Review – Sublime Music for the Tale of a South African Choir
Kinshasa’s Street Artists Raise Issues about Globalisation and Economic Plunder
Africa’s Leading Tourist Attraction 2023 Nominees
Lagosians will Proudly Tell You there’s No Party like a Lagos Party
If You Are Looking to Set Up an Office Remotely, South Africa has It All
Luxury Places to Stay in Zanzibar for a Memorable Vacation on the Island
Accelerating and Scaling Priority Infrastructure Development in Africa
Case Studies: Strategising for a New Era of African Trade