The Jamaica Stock Exchange continues to open doors and build relationships with other countries to help accelerate growth across the region and provide benefit to the investing public. On Wednesday, February 8, 2023, the JSE welcomed the Sierra Leone Delegation to the Stock Exchange in a bell ringing ceremony. The Stock Exchange has long since recognized the value of the African Connection and believes that despite the distance that separates us, our common bond, objectives and growth through commerce buoyed by capital should galvanize us in working together to build sustainable countries. The Stock Exchange believe that in spite of the distance that connection can be done through the capital markets and, through technology, the distance to link our markets, aided by our Exchanges and Depositories within the Caribbean, can be removed.
Speaking at the ceremony Dr. Street Forrest, Managing Director of the JSE, stated “The forging of this relationship was timely as both countries were seeking to expand our borders and find common grounds on which to partner. We believe that objective obtains for Sierra Leone as well. The JSE has been collaborating well with many of our sister exchanges within the Caribbean and with Exchanges in North America, UK and the Caribbean. We appreciate this is a gateway for galvanizing successful business relationships not only for the Exchange but for our shared business communities. While legislative frameworks are in place to encourage mutual trade, it will be the boots on the ground and the relationships that are forged that will encourage capital market development and participation between Africa and the Caribbean”.
Mr. Bamofin Abimbola Ogunbanjo Former Head of Nigerian Stock Exchange, congratulated the JSE on its demutualization which was done in 2009. He stated that the Nigerian Stock Exchange took that initiative to demutualize just two years ago a process he presided over. He congratulated the JSE in its constant drive to develop its securities market and said he was especially pleased with the development of the Private Market and the US Denominated Markets. Mr. Bamofin when on to say that the Nigerian Stock Exchange(NGX) which is the largest in the region and with its modern trading platform has a lot of opportunities for collaboration, with the JSE, giving our cultural similarities and historical ties present numerous opportunities for collaborations, especially in the areas of dual listing, joint trading and capacity building along with a good regulatory framework are just some of the areas for partnership. This collaboration can provide a platform for companies to raise capitals and expand their reach.
“Sierra Leone has been trying for years to develop an effective and efficient Stock Exchange. However, this meeting demonstrates our Stock Exchanges working together. Sierre Leone does not only have historic linkage, but trade and educational opportunities. Based on the success of your Stock Exchange, we believe this will assist in strengthening our relationship moving forward. As we move forward we have a lot to learn from you. We cannot operate in isolation in this world as this is a digital world with digital marketing. Sierra Leone has gold, diamond, an extensive agricultural industry and a fast developing business partner, we have also an effective donor system. However, our international partners want to see a successful Stock Market and shortly we will be able to sign an MOU in this field” Dr. Memunatu Pratt – Minister of Tourism and Cultural Affairs Sierra Leone told the audience.
“The Chairman of the Jamaica Stock Exchange Mr. Julian Mair told the audience that “I am happy for this occasion as this is a relationship which we need to see develop and blossom and whatever path it takes we are here to support and ensure that it works for the growth and development of our various countries. Let us hope the next time we are together we will celebrate a cross listing or an actual transaction across our markets.
