Africa-Press – Angola. The chairman of the Board of Directors of the Capital Markets Commission (CMC) said Thursday (21), in Luanda, that the annual transaction of around 900 billion kwanzas by the Angolan Value and Debt Exchange (BODIVA), since 2020, it is a plausible indicator of the consolidation of the national financial system.
Maria Uini Baptista made these statements, on the sidelines of the seminar “International Financial Reporting Standards (IFRS) as Good Corporate Governance Practices in Angola”, in which topics such as “the importance of good corporate governance practices “; “the impact of IFRS adoption” and “the challenges of IFRS implementation”.
The indicators of the consolidation of the Angolan financial system, according to Maria Uni Baptista, are reinforced by the transaction of 560 million kwanzas by the recently created Industria de Fundos de Investimento, last year, as well as the listing on the stock exchange of Banco Angolano de Investimentos (BAI ), whose offer has already been released to the public.
The official explained the seminar with the fact that, over the years, there has been a discussion in Angola on the need to introduce more transparency in the accounts and greater possibility of comparing them with others, at an international level.
“We decided to bring this debate to bear to identify the critical factors that impact this transition, which the banking sector has already adapted effectively, but which companies from all sectors also need to implement. The proper functioning of the Capital Market largely depends on the compliance with international standards that contribute to the reliability and analysis of less complex information”, he said.
For Maria Uini Baptista, the incipient phase of the CMC is over, taking into account the existence of negotiations that allow attesting the dynamism of economic agents in the capital market, especially BODIVA, which represents the only registered stock exchange to operate.
“There may be others, but BODIVA is the only one that trades public debt securities and, on average, since 2020, it has made about 900 billion kwanzas of transactions”, underlined the official, adding that, for the CMC, “the most important thing is to have listed companies, that is, listed companies, with financial transparency, with corporate governance, something that is not yet consolidated”.
The president of CMC revealed that, after BAI’s listing on the Stock Exchange, two other banks are on the way to succeeding in this process, in addition to a company in the distribution and technology sector, with which they can access financing in the capital market.
Monetary Policy
The emergence of investment funds and the stability of the national currency reflect the good application of monetary policy instruments by the National Bank of Angola and the economic reforms implemented by the Executive, according to the chairman of the Board of Directors of CMC.
“Today we have the BODIVA market and, soon, we will have the stock market. The country also has investment funds, another way of attracting investment from people to invest in differentiated instruments”, said Maria Uini Baptista, to illustrate the stage of development of the capital market.
The seminar brought together representatives of the Ministry of Finance, National Bank of Angola (BNA), General Tax Administration (AGT), Order of Accountants and Accounting Experts of Angola (OCPCA), KPMG, as well as other institutions and services.
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